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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is accrued income?
💡 Hint: Remember the principle behind accrual accounting.
Question 2
Easy
Give an example of accrued income.
💡 Hint: Think of ways organizations earn income without having the cash yet.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does accrued income represent in accounting?
- Cash received
- Income earned but not received
- Future income estimations
💡 Hint: Think about what accrual means in accounting.
Question 2
Is accrued income recorded in the Income and Expenditure Account?
- True
- False
💡 Hint: What happens to income in this type of financial statement?
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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?
💡 Hint: Add the accrued amount to the previously reported income.
Question 2
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?
💡 Hint: Think about how this affects both periods' reporting.
Challenge and get performance evaluation