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Q. What do you understand by Deferred income?

Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. For illustration when a magazine subscription is paid inadvance, magazine publisher is liable to provide magazines for the life of subscription. The amount in deferred income is reduced as magazines are delivered.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9577826

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