income account


income account
noun
1. : an account in which items of income or revenue are recorded
2. or income statement : a financial statement of a business showing the details of revenues, costs, expenses, losses, and profits for a given period grouped under appropriate headings — called also profit and loss statement

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1. an account maintained for a particular item of revenue or income.
2. Also called profit and loss account. a summary account for income and expenditures, used in closing the ledger.
[1865-70]

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income account,
an account of the money received and spent by a business.

Useful english dictionary. 2012.