Question

difference between receipt and income​

Answer 1

Answer:

Income and expenditure accounts are on an accruals basis, whereas receipts and payments accounts show only the cash and bank transactions in that accounting

hope this helps you

Answer 2

Income is the money or other benefits that are assigned monetary value for calculation purposes that you receive

Expense is the flip side of income. This is the money or other benefits that you give others as payment.

Receipts are the documentation used to verify your claims of income, expenses and ownership. Reciepts show ownership by proving that a payment was made by the buyer (expense) and accepted by the seller (income) in return for the goods, services or debt repayment that should be detailed on the receipt

Not all receipts have sufficient information to figure out what the transaction was for and other supporting evidence may be required. Old cash register receipts that show the amounts rung up, amount paid and maybe store name for example.

The “paystub” is an income receipt that shows the amount you received (hence receipt), the gross amount you earned (taxable income usually) and any deductions that were withheld (you received the difference between the gross and deductions)

The modern computerized cash register receipt is an example of an expense receipt. It shows the amount paid, who it was paid to and what was paid for. (the seller “received” the money & you “received” ownership of the goods, service or debt reduction hence receipt)

For major purchases, receipts can be complex. Buying a house for example. All of the documents showing amounts paid or received during the process (including “in kind” payments where things other than cash were transferred as payment) collectively document the purchase.

To provide maximum confusion, “receipts” is also used to mean the revenue earned from sales or business operations. A store will deposit the receipts at the bank at the end of the day. The receipts here is the cash and demand drafts (checks, money orders etc.) that were received as payment. It is generalized to any other situation where you receive money in return for services, goods or debt repayment. A loan office may receive payments as cash or demand drafts and deposit the payments received (receipts) at the end of the day.

With this meaning, income is money received from all sources and receipts are payments received from customers during normal business operation.