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2 cards from this section. Quick, good the night before a test.
What is accrued income?
Remember the principle behind accrual accounting.
Give an example of accrued income.
Think of ways organizations earn income without having the cash yet.
What does accrued income represent in accounting?
Think about what accrual means in accounting.
Is accrued income recorded in the Income and Expenditure Account?
What happens to income in this type of financial statement?
A non-profit organization failed to account for accrued income of ₹7,500 from services rendered. If their reported income was ₹50,000, what would their corrected total income be?
Add the accrued amount to the previously reported income.
In an organization’s financial period, if it records ₹8,000 as subscriptions received but has ₹2,000 in subscriptions accrued for the next period, how would this affect the organization’s future financial statements?
Think about how this affects both periods' reporting.
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