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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Define the terms revenue and expense. How are these terms related?

To determine

Concept Introduction:

Revenue: Revenue is the amount earned by the business from sale of its products or services. For example: Sales Revenue, Service Revenue etc.

Expense: Expense is the amount incurred to earn the revenue. For example: material used in production, wages expenses etc.

To describe:

The terms Revenue and expenses and their relation.

Explanation

The terms Revenue and expenses and their relation is explained as follows:

Revenue: Revenue is the amount earned by the business from sale of its products or services. For example: Sales Revenue, Service Revenue etc...

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