Revenue In Accounting Terms
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Revenue is listed at the top of the income statement.
Revenue in accounting terms. The income from operating and non operating activities of a business like sale of goods or services interest income etc is known as the revenue for a business revenues help to increase the value of assets and decrease the value of liabilities in a business. Revenue is also known as gross income or sales and excludes the expenses or costs incurred by the business. Anything the company owns that has monetary value. Sales service revenues fees earned interest revenue interest income.
Revenue is the income generated from normal business operations and includes discounts and deductions for returned merchandise. Terms similar to revenue. Revenue also called a sale is an increase in equity related to the sale of a product or service that earned income. In other words revenue is income earned by the company from its business activities.
It is the top line or gross income figure from which costs are. Therefore it is essential to know their meaning without which knowledge of accounting subject will be incomplete. These are listed in order of liquidity from cash the most liquid to land least liquid. Examples of revenue accounts include.
Home accounting dictionary what is revenue. Often the term income is used instead of revenues. Balance sheet bs a financial statement that reports on all of a company s assets liabilities and equity. For example if a new company sold 75 000 of goods in december but allows the customer to pay 30 days later the company s december sales are 75 000 even though no cash was received in december.
In accounting many technical words are commonly used. We ve created this basic accounting terms series to help you understand the fundamentals of accounting. Commercial revenue may also be referred to as sales or as turnover some companies receive revenue from interest royalties or other fees. Accountants guidebook how to audit.
Revenue may refer to income in general or it may refer to. Revenue is also known as sales. Commonly used terms such as business purchase purchase return trade etc are explained here. Whether you handle the accounting yourself or have delegated it to an in house or outsourced accountant you ll find these posts useful as you review the financial health of your company with your accountant.
A variety of expenses related to the cost of goods sold and selling general and administrative expenses are then subtracted from revenue to arrive at the net profit of a business.
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