REVENUES: This is money that comes into the business, usually from sales of products or services. Revenues, which can also be known as sales income, are shown on the Income Statement, also called the Profit and Loss Statement (P&L).
EXPENSES: This is money that goes out of the business, usually on a regular basis. It can include wages, rent, utilities, postage, office supplies, etc. Expenses are what it costs to keep the business operating on a continual basis. Expenses are part of the Income Statement.Deducting expenses from revenues results in the profit or loss of the business.
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