Question

What is the difference between revenue and rent

Answer 1

A gain is the overall cash received which is excess of the carrying amount of the asset.

For example, if you carry amount of a truck is $600 and the company gets $3,000 for it.

Then the team will report $2,400 as the gain.

Income is used rather than the term revenue.

Few individuals now refers to rent they get as the rent income.