If income is earned during a financial year but not yet received, which of thefollowing will be reflected in the financial statements?OA. Income and Liabilities will increaseO B. Income and Assets will increaseOC. Income and Liabilities will decrease.O D. Income and Assets will decreasePrevious pageType here to search

Under accrual basis, the income and expenses are recorded when they are incurred irrespective of…

Answered: If income is earned during a financial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If income is earned during a financial year but not yet received, which of the following will be reflected in the financial statements? OA. Income and Liabilities will increase O B. Income and Assets will increase O C Income and Liabilities will decrease OD. Income and Assets will decrease