Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
revenue is income and expenditure is an expense
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
A company's earnings are equal to revenue less costs of production over a given period of time.
EXpense
more revenue or less expense or a combinatio of both
The entry closing the Expense and Revenue Summary is a?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
revenue is income and expenditure is an expense
Rent expense is a Revenue expense and not a capital expense. It is a revenue expense because it recurs from year to year and is not an expense in purchasing a fixed asset. It is classified as a revenue expense also because it features in the income statement of each year and following the principle of accruals, the accountant must, make the necessary end of period adjustments to make sure that the the amount of rent expense that should have paid is charged against revenue and not just the actual cash paid.
Expense.
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
A company's earnings are equal to revenue less costs of production over a given period of time.
EXpense
it is considered as a deferred expense.
The money that you invest should be counted as an expense. The income from your investment would be considered revenue.
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.