The following statement suits best the definition of INCOME:a. Income is the amount spent by the business for recruiting the most qualified staffO b. Income is obligation contracted by the business to be honoured at specific datesO c. Income is sales revenue and other amounts received by the business through rendering services to thirdpartiesO d. Income is the amount received by the business when it issues new shares to the public

Introduction:- Income is the revenue a business obtain or gain from selling its goods and services.

a. Income is the amount spent by the business for recruiting the most qualified staff b. Income is obligation contracted by the business to be honoured at specific dates c. Income is sales revenue and other amounts received by the business through rendering services to third parties d. Income is the amount received by the business when it issues new shares to the public

a. Income is the amount spent by the business for recruiting the most qualified staff b. Income is obligation contracted by the business to be honoured at specific dates c. Income is sales revenue and other amounts received by the business through rendering services to third parties d. Income is the amount received by the business when it issues new shares to the public

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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