Create
Learn
Share

Income and Expenditure

rename
neganinja's version from 2017-07-24 09:40

Section

Question Answer
Income an increase in economic benefits to a business.
Gainsadditional income you receive from irregular (‘one-off’) transactions
Revenue income that is generated from the ordinary activities of the business, also known as trading activities.
Expenditurea decrease in economic benefits either by losing assets or increasing liabilities
Capital expenditurepurchase of non-current assets
Revenue expenditureday-to-day costs of running a business.
memorize