Income
Income is a money a business or individual earns from activities like sales, services, investments, or wages. For businesses, income usually refers to revenue, which is total earnings before expenses. Net income, or profit, is what remains after all expenses, taxes, and costs are deducted.
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Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid…
Incremental Cost
Incremental cost refers to the additional expense incurred when producing one extra unit of output or undertaking a specific decision.…
Impairment Loss
Impairment loss occurs when an asset’s carrying value exceeds its recoverable amount. It represents a permanent reduction in the value…
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