accrued income

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Income that has been earned during an accounting period but not received by the end of it. Accrued income is dealt with as set out in the accruals concept outlined in Statement of Standard Accounting Practice 2. For example, interest may have been earned but not received; it should be included in the profit figure (subject to the overriding prudence concept) and classified as a current asset on the balance sheet.

Subjects: Accounting.

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