Question

excess of expenses over income is called as​

Answer 1

Answer:

excess of expenses over income is called net income.

Answer 2

Excess of expenses over income is called as​ net loss

Explanation:

As we know that

The net income reported both expenses and the income for the business during a given period of time

In mathematically,

Net income = Total revenues - Total expenses

If the total expense is more than the total revenues than the business is suffering from losses which we called a net loss

And, whether the firm earns net income or suffered net loss, the same is to be shown in the retained earning statement account

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5) Excess of expenses over income​

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