Examgyani Team
Asked: November 3, 20232023-11-03T10:54:57+05:30
2023-11-03T10:54:57+05:30In: Commerce
How will you define Revenue and Expenses?
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Answer:
1. Revenue:
These are the amounts earned by a business concern through the sale of its products or providing services to customers. The common items of revenues are sales, the commission received, rent received, interest received, etc.
2. Expenses:
The amount spent in the process of earning revenue is termed expenses. Examples are Wages, Salaries, rent, Interest paid, electricity charges, etc.