Fiscal Revenue
Fiscal Revenue (or, simply, revenue; hereinafter, the Revenue) is an amount earned by performing services for customers or selling goods to customers; it can be in the form of cash or accounts receivable.
The Revenue can also refer to a group of financial accounts that represent sales. The Revenue is a subdivision of owner's equity. As the Revenue increases, owner's equity increases, and vice versa. Expenses and Sales Returns and Allowances are two most common adjusting accounts for the Revenue.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Revenue. An amount earned by performing services for customers or selling goods to customers; it can be in the form of cash or accounts receivable. Revenue is a subdivision of owner's equity: As revenue increases, owner's equity increases.
According to Juran's Quality Handbook by Defeo (7th edition),
- Revenue. Gross receipts, whether from sales, budget appropriations, tuition, or government agency grants.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
