i. Explain the difference between accrued income and income received.pdf

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i. Explain the difference between accrued income and income received in advance. ii. Briefly explain the adjustments needed at the period-end for accrued income and income received in advance to prepare true and fair financial statements. You must illustrate/support your explanation with examples using dates and figures. (Your answer should not involve double entries nor T-accounts but should indicate the effect of the adjustments on the income statement and the balance sheet at the period-end. Your answer should also not include any discussion on the meaning of true and fair financial statements.) Use 160 words or less for your answer to this question..

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