What are types of income?
The
income can be broadly classified into two types i.e. Revenue and Gains.
1. Revenue:
income which arises from the normal business activities is knows as revenue. Revenue
is expected when the business is in operation. Different example of revenue is
sales, fee income, interest income etc.
2. Gain:
Gain is an income which does not come from the regular business operation and
therefore may or may not arise during the period. Famous example of gain is
gain on sale of fixed assets, gain due to the fluctuation of exchange rate.
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