0
What two basic elements of a budget are income and expenses?
Iamtaylor589
Actually, income and expenses are the two basic elements of a budget.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
How do you calculate net income on basic book keeping?
Your total revenue less total expenses would be your net income.
What is basic budget?
A basic budget is made up of expenses and earnings, which gives you a detailed plan for the future. In business terms a budget is usually expressed in formal quantitative terms. Individuals create basic household budgets that would balance their income and expenses for housing, bills, food, and so on. An individual's expenses would consist of variable and fixed costs, which would also be money going out or being spent on a regular basis. Variable costs are payments that don't stay the same, such as gas for your car, water, or electric bills. Fixed costs do stay the same, such as your mortgage or car payments. An individual's earnings would consist of money coming in, which would be money that you would receive or earn on a regular basis. There are many reasons why someone would create a basic budget. The main reasons for an individual to create a basic budget are to save money, to see their profit margin, to reach or maintain a desired profit, or to see if they can afford to purchase or make payments towards a future purchase or loan.
What is the basic difference between recurrent budget and capital budget?
Recurrent budget is an ongoing budget or expenses that occur either monthly, quarterly or annually, and somewhat predictable e.g. electric bill, grocery, rentals; while developmental budget is non recurring budget that is not expected e.g. wedding, accident, hospitalization
What are the basic and extended accounting equations?
The basic is as follows:Assets = Equity + Liabilities(A = E + L)The extended equation is as follows:Assets + Expenses = Equity + Liabilities + Income(A + Ex = E + L + I
Is income from operation the same as net income?
Income from operation is only the income from basic business activity of buisness while net income is the overall income from basic operations as well as income from other activities.
What are the two basic elements of a budget?
How much income you have and how much you spend.
What two basic elements of a budget are income and expenses True or False?
true
And are the two basic components of a budget.?
The two basic components of a budget are income and expenses.
How do you calculate net income on basic book keeping?
Your total revenue less total expenses would be your net income.
What are the basic elements of accounting?
There are 10 basic elements. They are 1) Assets 2) Liabilites 3) Owner's or Stockholder's Equity 4) Investments by Owner 5) Distributions to Owner 6) Comprehensive Income 7) Revenue 8) Expenses 9) Gains and 10) Losses.
Basic difference between profit and income?
Income is the sum of all monies coming into the company. Profit is the income less the expenses incurred by the company.
What is the difference between net ordinary income and net operating income?
Net income refers to all income minus expenses and taxes. Ordinary income refers to all income other than capital gain. Therefore, net ordinary income is income, with the exception of capital gain, after expenses and taxes are deducted.
What are basic element of accounting?
There are 10 basic elements. They are 1) Assets 2) Liabilites 3) Owner's or Stockholder's Equity 4) Investments by Owner 5) Distributions to Owner 6) Comprehensive Income 7) Revenue 8) Expenses 9) Gains and 10) Losses.
What is basic budget?
A basic budget is made up of expenses and earnings, which gives you a detailed plan for the future. In business terms a budget is usually expressed in formal quantitative terms. Individuals create basic household budgets that would balance their income and expenses for housing, bills, food, and so on. An individual's expenses would consist of variable and fixed costs, which would also be money going out or being spent on a regular basis. Variable costs are payments that don't stay the same, such as gas for your car, water, or electric bills. Fixed costs do stay the same, such as your mortgage or car payments. An individual's earnings would consist of money coming in, which would be money that you would receive or earn on a regular basis. There are many reasons why someone would create a basic budget. The main reasons for an individual to create a basic budget are to save money, to see their profit margin, to reach or maintain a desired profit, or to see if they can afford to purchase or make payments towards a future purchase or loan.
Does net loss occurs when expenses are less than revenue?
Net Income : When Revenue is greater than Expenses. Net loss : When Expenses are greater than Revenue. References : Basic Accounting (111) Book .
What is the basic difference between recurrent budget and capital budget?
Recurrent budget is an ongoing budget or expenses that occur either monthly, quarterly or annually, and somewhat predictable e.g. electric bill, grocery, rentals; while developmental budget is non recurring budget that is not expected e.g. wedding, accident, hospitalization
What are the basic and extended accounting equations?
The basic is as follows:Assets = Equity + Liabilities(A = E + L)The extended equation is as follows:Assets + Expenses = Equity + Liabilities + Income(A + Ex = E + L + I
