Difference between revisions of "Net income"
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| − | [[Net income]] is the financial result of [[operations]] when [[Fiscal Revenue|revenue]] totals more than [[expenses]]. | + | [[Net income]] (alternatively known as [[net profit]]; hereinafter, the ''Result'') is the financial result of [[operations]] when [[Fiscal Revenue|revenue]] totals more than [[expenses]]. The ''Result'' can also be calculated while taking [[expenses]] away from the [[gross profit]] (or loss). |
Revision as of 20:53, 21 December 2018
Net income (alternatively known as net profit; hereinafter, the Result) is the financial result of operations when revenue totals more than expenses. The Result can also be calculated while taking expenses away from the gross profit (or loss).
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Net income. The financial result of operations when revenue totals more than expenses.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
