{"id":58582,"date":"2024-04-16T01:22:04","date_gmt":"2024-04-16T01:22:04","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=58582"},"modified":"2024-04-16T01:22:04","modified_gmt":"2024-04-16T01:22:04","slug":"income-accrued-and-received-results-in","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/income-accrued-and-received-results-in\/","title":{"rendered":"Income accrued and received&#8217; results in-"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Decrease in assets and increase in capital&#8221; option2=&#8221;Increase in assets and increase in capital&#8221; option3=&#8221;Decrease in assets and increase in liabilities&#8221; option4=&#8221;Increase in assets and increase in liabilities&#8221; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>B. Increase in assets and increase in capital<\/strong><\/p>\n<p>Income accrued and received results in an increase in assets and an increase in capital. This is because when income is accrued, it is recorded as an asset on the balance sheet. When income is received, it is recorded as a revenue on the income statement. Revenue increases capital, which is the owner&#8217;s equity in the business.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: Decrease in assets and increase in capital. This is incorrect because income accrued and received results in an increase in assets, not a decrease.<\/li>\n<li>Option B: Increase in assets and increase in capital. This is the correct answer because income accrued and received results in an increase in assets and an increase in capital.<\/li>\n<li>Option C: Decrease in assets and increase in liabilities. This is incorrect because income accrued and received results in an increase in assets, not a decrease.<\/li>\n<li>Option D: Increase in assets and increase in liabilities. This is incorrect because income accrued and received results in an increase in assets, not an increase in liabilities.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Decrease in assets and increase in capital&#8221; option2=&#8221;Increase in assets and increase in capital&#8221; option3=&#8221;Decrease in assets and increase in liabilities&#8221; option4=&#8221;Increase in assets and increase in liabilities&#8221; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-58582","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income accrued and received&#039; 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