Which of the following statements is correct? Multiple Choice Income that has been earned but not yet
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Question:
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Which of the following statements is correct?
Multiple Choice
Income that has been earned but not yet received is called accrued income.
Unearned Subscription Income is a liability account.
Under the accrual basis of accounting, revenue is recognized and recorded in the period when it is earned regardless of when cash related to the transaction is received.
All of these statements are correct.
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