An income is that amount which is earned as a result of sale of goods or rendering of services to a party.
The various types of earnings are:
- Interests on Investments
- Received Commissions
- Rents Received
- Rents from tenants
- Rents from procedure of sub-letting
- Miscellaneous Revenue Receipt
- Interests on Drawings
- General Interests
- Recovery of Bad Debts
- Dividends
- Apprentice Premium
- Sales Amount
- Salary
- Income from other sources
Links of Previous Main Topic:-
- Preparation of final accounts
- Recording of business transaction basis of accounting
- Single entry system of bookkeeping
- Double entry system of bookkeeping
- Classification of accounts
- Rules of double entry or accounting rules
- Accounting cycle
- Journal
- Ledger
- Trial balance
Links of Next Financial Accounting Topics:-
- Expenditure
- Assets
- Liabilities
- Final accounts
- Trading account
- Profit and loss account
- Balance sheet
- Adjustments in financial accounting