What is the definition of a prepaid income

Prepaid Income is an accounting concept that refers to a payment that has been received, but the asset has not yet been fully delivered. The company receives a one-off payment for the asset, but delivers its full value either in the future or over time. Prepaid Income is found on the Balance Sheet of a company as a liability (as it is something which is owed), either with its own section or under Other Current Liabilities.

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