What is income ? How it is different from receipt ?
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Answer:
a money received by a basis of our work
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Income and receipts
Explanation:
- The income and receipts are independent bodies. Income is just one of many receivables sources.
- Receipts will be equal to income if the receipt consists of only sale proceeds from the sale of goods/stock relevant to the current period.
- Income in comparison to receipt is a broad term. Receipts are subjective, and incomes as per concept are inclusive. All income is receipts but all receipts may not be income. The receipt is a concept connected to the actual receipt in which the income pertains to a particular time.
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