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revenue vs income

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › revenue vs income

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by John Moffat.
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  • September 4, 2021 at 1:21 pm #634284
    ishikagoel
    • Topics: 2
    • Replies: 1
    • ☆

    I have 2 questions:

    1) what is the basic difference between revenue and income?

    2) (a) Profit is the excess of income over expenditure.
    (b) Profit is the excess of revenue over expenditure.
    which of the above 2 statements would be regarded as correct?

    September 4, 2021 at 3:41 pm #634303
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49603
    • ☆☆☆☆☆

    Revenue is the total earned by the company from the sale of goods or services.

    Depending on the context, income is sometimes used as just another word for revenue, or is sometimes used as another word for profit.

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