income

Question 1

tell me some income from sales

Answer 1

Cash sales from over the counter​

Credit sales from methods of credit such as a credit card​

Commission received from sales the business has supported​

Repairs of products previously purchased​

Maintenance contracts to regularly service a product and keep it in working order​

Question 1

Income from sales​

Answer 1

This is the most common form of income. Income from sales is known as revenue or turnover​

Question 2

Income from assets

Answer 2

An asset is something owned by an enterprise, such as property or equipment. An asset can be sold to generate income for the enterprise. There are many ways to

Question 3

tell me some income from assets

Answer 3

Lease or hire out equipment​

Invest in another enterprise to receive a share of its profits​

Put spare cash into an account that pays interest​

Sell assets such as property or equipment to raise money​

Rent out part of the premises to another enterprise.​

Question 4

Purpose of comprehensive statement of income​

Answer 4

The financial statement shows:​

-How much revenue the enterprise has received from sales of goods and services​

-How much the enterprise has sent​

-Where the money was spent​