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Q: What is the difference between revenue and expense called?
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The difference between revenue from sales and cost of goods sold?

Difference between revenue from sales and cost of goods sold is called "Gross profit".


When the total of the revenue section is more than the total of the expense section on a standard Income Statement what is the difference called?

net profit


What is the Difference between fiscal deficit and revenue surplus?

Budget for a fiscal year is a statement of revenue and expenditure of the government for the particular year. If the expenditure is more than the revenue for a particular year, then this difference is called the fiscal deficit. If the revenue is more than the expenditure for a particular year then this difference is called the excess revenue.


What is called the difference between the value that an activity generates and the cost of the activity?

revenue


What is A temporary account used in closing revenue and expense accounts called?

The answer is income summary.


The difference between the current sales revenue and the sales at the break even point is called the?

margin of safety


Is revenue part of an income statement?

Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.


Recording the cost of equipment as an expense over the time it is expected yo produce revenue is called?

depreciation


What is difference between expenses and losses?

A business (company or individual) earns money - called earning or revenue. To earn this, the entity incurs expenses - such as material, salaries, telecom costs. When you subtract the expenses from the revenue, the result is called 'profit', if it is positive, and 'loss', if negative. So the difference is - expenses are the costs incurred by a business, and loss is the difference between earnings and expenses, (if expenses are more than revenues).


What is the difference amount of expense over income called when income exceeds expense?

Expenses more than income is called "Loss" Income over expenses called "Profit"


What is the difference between prepaid insurance and insurance expense?

When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.


What is the difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue called?

For a normal business it is Profit or Loss (depending upon which is greater) For a non-profit organisation (eg a Charity) it is Surplus or Deficit.