ACCRUED INCOME, revenue which has been earned but which has not been received or formally entered in the account ing records. In the preparation of a financial statement of income for a given period of time, such amounts must be considered if an accurate result is to be obtained. Thus income represented by rents on leased property must be accrued to date of statement, even though such rents are not due from tenants and will not be paid until a later date. Similarly, interest on notes receivable and on loans receivable must be calculated and applied to the ac counting period in which such income is earned. (See INTEREST,