ACCRUED INCOME Definition

ACCRUED INCOME is income earned during a fiscal period but not paid by the end of the period.

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DEFERRED TAX ASSETS have an effect of decreasing future income tax payments, which indicates that they are prepaid income taxes and meet definition of assets. Whereas deferred tax liabilities have an effect of increasing future years income tax payments, which indicates that they are accrued income taxes and meet definition of liabilities.

BUSINESS RISK see OPERATING RISK.

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