Definition of Income Non-accountants might use the term income instead of the word revenue. Generally, accountants use the term income to mean “net of revenues and expenses.” For example, a retailer’s income from operations is its net sales minus the cost of goods sold minus its selling,...
What is an income and expense statement? What role does it serve in personal financial planning? Is there any difference between capital budgeting and capital investment decisions? In the framework of capital budgeting, what is an opportunity cost? What are example...
aA sale has two aspects: a revenue aspect and an expense aspect. Revenue results when the sale is made, whether or not cash is received at that time. The related expense is the cost of the merchandise that was sold. The income of a period is the difference between the revenues and exp...
There is a clear distinction between money, wealth, and income. These words have different meanings and are not synonyms. Income to an individual's...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answ...
aIf the difference between pension expense and actual funding is an accrued liability, the unpaid portion must be added back to income as an expense not requiring cash. If the amount funded exceeds pension expense, then net income must be reduced by that excess amount. 如果在退休金费用和实际资...
aA sale has two aspects: a revenue aspect and an expense aspect. Revenue results when the sale is made, whether or not cash is received at that time. The related expense is the cost of the merchandise that was sold. The income of a period is the difference between the revenues and exp...
If difference between accounting profit and taxable income is temporary, deferred tax liabilities are created when: A. financial accounting income tax expense is less than regulatory income taxes payable.B. financial accounting income tax expense is more than regulatory income taxes payable.C. accountin...
If the insurance cost is expiring at a rate of $1,000 per month, then each month the amount in the asset account Prepaid Insurance will decrease by $1,000 and Insurance Expense of $1,000 will be reported on the income statement. Related Questions How do I determine the cost of missing...
What's the Difference Between Costs and Expenses? Regularity Cost is the amount that is paid to buy or obtain something. Cost implies a one-time event, like a purchase. The term "cost" is often used in business in the context of marketing and pricing strategies. ...
权责发生制与收付实现制的区别(Thedifferencebetweenaccrual basisandcashbasis) Case1:acomparisonbetweenaccrualbasisandcashbasis Explain: Theaccountingofanenterpriseshallbebasedonaccrualbasis. Thathasbeenachievedinthecurrentincomeandexpenses alreadyincurredortobeborne,regardlessofwhetherthemoney payment,shallberecognized...