5/revenues and expenses, their meaning, definitions and discuss on the types of revenues and expenses

Expert Solution

Ans. Revenues

1. Sales- Its the most important source of revenue for the business. It refers to selling products during the ordinary course of business.

2. Rent received- It refers to the property given for use tk others on which one earns income.

3. Interest received- It refers to income earned on loan given to others.

4. Discount received-When a business man pays less then the pruchase price of product , the difference is known as discount.

5. Professional Fees- Fees received by professionals for services provided by them.

Expenses

1. Purchase- It refers to purchase of goods in which the business deals.

2. Salary- It means expenses incurred For usinganpower in the business.

3. Rent- It means expenses incurred for using space of others.

4. Carriage- It refers to expenses incurred on transportation of goods from one place to another.

5. Depreciation - It refers to the normal wear and tear caused by using assets in the business.

ekkarill92 answered 2 years ago

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