What term is used to describe revenue earned in one fiscal period but not received until a later fiscal period?

The term that describes revenue earned in one fiscal period but not received until a later fiscal period is accrued revenue. Accrued revenue represents the income that a business has recognized on its financial statements, typically through the application of the accrual basis of accounting. This means that revenue is recorded when it is earned, regardless of when cash is actually received.

For instance, if a company provides services in December but does not receive payment until January, the revenue is considered accrued in December because the service has been delivered, and the right to receive payment has been established. This approach aligns with the matching principle of accounting, which seeks to match revenues with the expenses incurred to generate those revenues within the same period.

In contrast, the other choices refer to different concepts. Deferred revenue, also known as unearned revenue, involves cash received before the services or products are delivered, while recognized revenue pertains to income that has been recorded in the accounts. Thus, accrued revenue is specifically focused on the revenue that is recognized before cash is actually received, making it the correct answer in this context.