Revenues are:Select one:a. The same as net income.b. The excess of expenses over assets.c. Resources owned or controlled by a companyd. The gross increase in equity from a company's earning activities.e. The costs of assets or services used.

Question

06-09-2019
Business

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Revenues are:Select one:a. The same as net income.b. The excess of expenses over assets.c. Resources owned or controlled by a companyd. The gross increase in equity from a company's earning activities.e. The costs of assets or services used.

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Nanigoodlearning Nanigoodlearning · Answer 1 · 2019-09-08T23:20:08+02:00

Answer: d. The gross increase in equity from a company's earning activities

Explanation: Revenues are the results of carrying out the activities for which the company was established and these are detailed by recording the profit and loss statement. Normally, the costs of sales, expenses and taxes are subtracted and the result is transferred to equity.

If these costs and expenses do not exist, the income would be added directly to equity. Example: Maria has a equity of US $ 5000 and her income in the year was US $ 2000, if Maria does not have to spend anything in the year the US $ 2000 would be added to US $ 5000, resulting a equity in US $ 7000.

However, Maria had to spend US $ 1500 on food, therefore her earnings at the end of the year were US $ 500 (Income - Expenses), as well as her equity will now be US $ 5500.