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What is income? The date on which a loan must be paid back in full. Principal of a loan. Money received as a result of business activity.

Accounting Corporate Finance Financial Reporting Financial Analysis Finance
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Question added by Nitin Gupta, ACA , FP&A , Rockwell Automation
Date Posted: 2014/01/18
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mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

Income is net positive result of a businerss/professional entity can be termed as profit.Normally, income is used in the context of a profession.Loan has to be repaid ,before the last day of the term for which it was agreed to be repaid.

Money received as a result of business activity is revenue receipt.

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