BANKING AFFAIRS

Detailed explanation-1: -Revenue is the total amount of income generated by the sale of goods or services related to the company’s primary operations. Revenue, also known as gross sales, is often referred to as the “top line” because it sits at the top of the income statement. Income, or net income, is a company’s total earnings or profit.

Detailed explanation-2: -Cash receipts from selling services and products are almost always booked as operating revenue. However, a company often has some cash receipts that don’t represent revenue.

Detailed explanation-3: -The term “income” generally refers to the amount of money, property, and other transfers of value received over a set period of time in exchange for services or products. There is no single, standard definition: income is defined according to the context in which the concept is used.

Detailed explanation-4: -Earned income includes wages, salary, tips and commissions. Passive or unearned income could come from rental properties, royalties and limited partnerships. Portfolio or investment income includes interest, dividends and capital gains on investments.

Detailed explanation-5: -Revenue definition says that it is the total amount of money received from carrying out the business operations such as sales. On the income statement, it is also known as sales. It is the top line figure as it is shown first on the income statement of any company.