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In other words revenue is income earned by the company from its business activities.
Meaning of revenue in accounting. In accounting the terms sales and revenue can be and often are used interchangeably to mean the same thing. Thus revenue recognition is delayed under the cash basis of accounting when compared to the accrual basis of accounting. A company s revenue which is reported on the first line of its income statement is often described as sales or service revenues. There were many standards governing revenue recognition which have been consolidated into the gaap standard relating to contracts with customers.
There are many different types of revenues including product sales consulting fees and other services rent and even commission based fees. Revenue does not necessarily mean cash received which is equally as common as a term. It reports sales in two categories products and services which then combine to form total net sales.
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