Question

What is income ? How it is different from receipt ?​

Answer 1

Explanation:

Income is sum of receipt in some cases. While we talk in accounting sense, income is different from receipt by the classification of themselves. Income have its opposite that is expense and receipt have its opposite that is payment.

Answer 2

Income is the monetary gains to a person in return for a service provided. Receipts are the written form of the details of the service taken.

EXPLANATION  -

Incomes are money created by the producers or the employees thought the exchange of quality of service and goods.

For example- A business earns or creates its income by rendering goods and services in the market through accepting certain prices for it.

Whereas,

An employee earns and generates money or income by surrendering his/her skill set and knowledge for the organization.

On the other hand,

Receipts are written detail of the transaction done between the two parties assuring the valid agreement of the business process done between.

For example  - Cash receipts we receive when we pay for the service or goods in the cash.

Or receipts are proving of the future payment to be paid or recieve whose transaction are done in current period.

Hence, income and receipts are different in the ways they create and utilize by the individual payee or receive.

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