What is Income in accounting?? Explain

The cash flow or cash equivalents received received through work (wage or salary) / capital (interest or profit) / land (rent) are called income.

An excess of revenue over expenses for an accounting period also called as earnings or gross profit

the amount by which total assets increase in an accounting period.

By nature it is always be credit

for double entry

increase in income will be credit entry and decrease in income will be debit.

Jun 22 '19 at 20:25:42
	Adnan 16