Question

Define revenues and expenses?

Answer 1

Explanation:

revenues ---- Revenue is the income generated from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gross income figure from which costs are subtracted to determine net income. Sales Revenue formula

expenses -----An expense is the reduction in value of an asset as it is used to generate revenue. ... If the expense is for an immediately consumed item, such as a salary, then it is usually charged to expense as incurred. Common expenses are: Cost of goods sold. Rent expense