Income
What is Income?
Sometimes, the term income is used to describe revenue.
![ic1](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic1.jpg)
At other times, it is used to describe the difference between revenues and expenses.
![ic2](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic2.jpg)
How it Works
A business may earn fees by providing some kind of service.
![ic3](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic3.jpg)
The business may also earn money from sales.
![ic4](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic4.jpg)
On top of this, the business may earn interest from investments.
![ic5](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic5.jpg)
Separately or severally, all these things could be referred to as revenue.
![ic6](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic6.jpg)
Equally, they could be referred to as income.
![ic7](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic7.jpg)
Income can also refer to the difference between revenue and expenses.
![](https://seeaccountingnow.online/wp-content/uploads/2020/04/ic8.jpg)
This is referred to as net profit or net income.
![ic9](https://seeaccountingnow.online/wp-content/uploads/2021/06/ic9.jpg)
© R.J. Hickman 2020