Constructive Receipt of Income is a doctrine where a taxpayer must include in gross income amounts that, though not actually received, are deemed received during the taxable year. This principle ensures that taxpayers cannot defer taxation by simply delaying the physical receipt of income.
Deferred Credit represents income received or recorded before it is earned, and it adheres to the accruals concept by being carried forward on the balance sheet until it is matched with the period in which it is earned.
Deferred income, also known as unearned revenue or deferred revenue, refers to payments received by a business for goods or services that have yet to be delivered or completed.
