What is Income in Accounting?

What is Income in Accounting? For Beginner

What is Income in Accounting?

Income is the value of goods or services that a business charges from its customers.

or

Excess of revenue over expenses.

Businesses can be distributed in two major categories. One that provides goods and the other that provides services. If the organization is commercial then these goods or services will always be provided at some price. This price at which these goods and services are provided is the income of the organization, providing the goods or services.

For What is Capital ? Click here or for What is an Expense? Click here

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