What is income?

Income

Income is the money a business receives from its operations and other activities, including revenue from sales, investments, and other sources.  Income is used to cover expenses, support growth, and determine overall profitability.

Example: A consulting firm earns income by providing services to clients and receiving payment for completed work.

Related terms: Revenue, Net Income, Income Statement

← Back to Accounting Glossary

Switch to Digits today

Experience accounting, reimagined.