Question
What is business income? Why income should be computed?
Answer :
Word Count : 263
______ _______ _________ ______ ___ _____ ____ _________ __________.
_______ ______ ______ ___ ______ ____ _________ __________ ________ ______ ________ ________.
__________ _________ ______ _______ ___ _______ __________.
_____ ______ _______ _____ _____ ____ __________.
___ _________ _______ _____ _____ ___.
____ ___ ______ ____ __________ _________ ___.
_______ __________ ______ ___ __________ _______ _____ _______ _______ _________ _________.
_________ ____ ____ ______ _____ _________ ______ ____ _____ _______.
_________ ____ ______ _______ __________ ___ ________ _______ ___ ______.
_____ _____ ___ _________ ________ __________ __________ __________.
___ ____ ______ ______ _______ ___ _____ _____.
__________ ____ _______ __________ _______ ____ ___ _________ ___ ____ _______.
_____ ________ ___ _____ _____.
_____ ____ __________ ____ ______ ______ ______ ___ ___ ________.
_________ __________ ___ _______ __________.
____ _______ _______ ______ ____ _________.
_______ _______ __________ _________ _______ _________ _____ _____ ________ __________.
____ ___ _________ ______ _____.
_____ ________ ___ _______ _____ __________ _____ _______ ____ ________.
_____ ____ _______ ____ ________ _______ _____ ____.
____ __________ ______ _________ ______ ___.
Skip in 10
Business income refers to the net profit earned from carrying on a trade, profession, or commercial activity during a specific accounting period. It represents the excess of total revenue over total expenses incurred in generating that revenue. In financial accounting, business income is calculated by matching revenues earned with the expenses incurred to earn them, in accordance with the accrual concept and matching principle. Revenues may include sales of goods, fees for services, commission, interest, or any other operating income. Expenses include
___ ____ ______ ____ ________ ___ _________ ____ _______ ________.______ _______ _________ ______ ___ _____ ____ _________ __________.
_______ ______ ______ ___ ______ ____ _________ __________ ________ ______ ________ ________.
__________ _________ ______ _______ ___ _______ __________.
_____ ______ _______ _____ _____ ____ __________.
___ _________ _______ _____ _____ ___.
____ ___ ______ ____ __________ _________ ___.
_______ __________ ______ ___ __________ _______ _____ _______ _______ _________ _________.
_________ ____ ____ ______ _____ _________ ______ ____ _____ _______.
_________ ____ ______ _______ __________ ___ ________ _______ ___ ______.
_____ _____ ___ _________ ________ __________ __________ __________.
___ ____ ______ ______ _______ ___ _____ _____.
__________ ____ _______ __________ _______ ____ ___ _________ ___ ____ _______.
_____ ________ ___ _____ _____.
_____ ____ __________ ____ ______ ______ ______ ___ ___ ________.
_________ __________ ___ _______ __________.
____ _______ _______ ______ ____ _________.
_______ _______ __________ _________ _______ _________ _____ _____ ________ __________.
____ ___ _________ ______ _____.
_____ ________ ___ _______ _____ __________ _____ _______ ____ ________.
_____ ____ _______ ____ ________ _______ _____ ____.
____ __________ ______ _________ ______ ___.
IGNOU ACADEMY
Your IGNOU journey, made easier.
- Solved Assignments
- Study Notes
- Guess Papers
- Question Papers
Continue Reading — It's Free
Sign in with Google to unlock more of this answer.
✓ Free access
✓ Unlock up to 60% of the answer
✓ No payment required
✓ Unlock up to 60% of the answer
✓ No payment required
Quick Google sign-in. No separate registration form.