أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
For me the difference is that according to its definition REVENUE is the gross inflow of economic benefits during the period arising in the course of the ORDINARY ACTIVITIES. So in the trade of merchandise its Revenue or Sale comes from the Sale of its inventory since that is the ordinary course of its business. If they sell a Property, It is not part of Revenue since it is NOT ORDINARY COURSE of business. it will be part of Gain or loss or other income. So Income will the combination of Revenue and other income net of expenses but Revenue does not include income that comes from activities Other than its Ordinary course of business.
Revenue is the total amount whom are received through all transaction over a calendar year, where the income is the amount received after the all expense
Income is sometimes used instead of the word revenue: some people refer to the rent they receive as rent income. Generally, accountants use the word income to mean "net of revenues and expenses." For example, a retailer's income from operations is sales minus the cost of goods sold minus operating expenses.
Revenue is the total sales of the company and the income is the profit which is a company earned through its operation after deducting all the expenditures.
income revenue
contributes to owners, contributes to net profit ,
include gains [revenue expenses] sales of goods, resource rent
Income and Revenue are inter-related and Revenue is the first item shown in the income statement. Income is a statement and it is financial statement which shows the profit and loss earned by the business in a particular accounting period. In our case it is one year but icome statements are sometimes published for shorter periodsod say 6 months. example: An important point to grasp is that the title clearly states that the statement is for Year 7. this means that every item shown in this statement belongs as a cost or revenue in Year 7. For example as regards costs, the statement will not show items that have been paid in advance for Year 8 neither will it show items for year 6 that were paid late during year 7. this is the application of the accruals concept. which is the principle that revenues and costs are recognised as they are earned or incurred and are matched with one another in the income statement of the period to which they relate irrespective of when the cash is actually received or paid out.
Revenue is the amount to be received from customers in return for the provision of (example) goods and services. As soon as a sale is made it is shown in the income statement even if the money has ot been received from the customer. other terms used instead of revenue include 'sales turnover' or 'sales income' the issue of revenue recognition refers to the point in time at which a particular item of revenue can be shown in an income statement.
The word income to mean "net of revenues and expenses."
For example, a retailer's income from operations is sales minus the cost of goods sold minus operating expenses.
