Income earned but not received is called ____________?
Correct answer: A. Outstanding assetTry Knowledge Software
- A. Outstanding assetTry Knowledge Software
- B. Quick asset
- C. Real asset
- D. Fictitious assets
Explanation
Income earned before cash is received is accrued income, commonly called an outstanding asset because it is receivable from the customer. It is a current asset rather than a fictitious, quick, or real fixed asset.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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