NET INCOME Definition

Bookmark and Share

NET INCOME is the difference between a businesses total revenue and its total expenses. This caption and amount is usually found at the bottom of a companys Profit and Loss statement. Same as Net Profit.

Learn new Accounting Terms

LONG-TERM RECEIVABLE, in accounting, is any receivable that is scheduled or projected for receipt in greater than a 12-month period, e.g. notes receivable or a receivable in litigation.

ENTITY ASSUMPTION is the assumption that financial statements are prepared for an entity that is separate and distinct from its owners.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.