it is the amount what you earn by selling your product or
services.
Net Income:
It is the amount what remains in the end from revenue you
earn after deducting all costs which you have incurred for
making that product or providing services.
Example:
for example if you go and give tution to somebody and that
person gives you 100$ then this is your revenue. but you go
to teach and pay texi fare of $10 for reaching the tution
centre then this taxi fare is your cost and you will deduct
this cost from your revenue to reach to net income of $ 90.
Net Profit = Revenue - Cost
$90 = $100 - $10
revenue:- the amount of money that a company actually receives
during a specific period including discounts and deductions for returned merchandise. it is the top line figure from costs are subtracted to determine net income
income:- it is the amount what remains in the end from revenue
you earn after deducting all costs which have incurred for making that product or providing services
Revenu is earned by the sales activities to providing goods
and services during the period of time. The expenditure
which is incurred for producing goods it will recover
through revenue.
income is earned by the investment. to gain on investement
is called income.
The prepaid insurance account has a debit balance of $3600
at the end of the year. If unexpired insurance at the end
of the year is $2800, the amount of insurance expense that
should be reported on the income statement is?