Question

what is income and expenses?
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Answer 1

Answer:

The difference between income and expenses is simple: income is the money your business takes in and expenses are what it spends money on. Your net income is generally your revenue, or all the money coming into your business, minus all of your expenses. If that number is positive, your business is making a profit

Answer 2

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Income  =>

• Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

Expenses =>

• An expense is the cost of operations that a company incurs to generate revenue. As the popular saying goes, “it costs money to make money.” Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation.