- income account
1. : an account in which items of income or revenue are recorded2. 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
* * *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]
* * *income account,an account of the money received and spent by a business.
Useful english dictionary. 2012.