What are the sources of income?

According to the source of income can be divided into:

Income from the sale of goods, income from the provision of labor services, income from the transfer of property, dividends, bonuses, and other equity investment income, as well as interest income, rental income, royalty income, income from the acceptance of donations, other income.

Basic Meaning

Income (English: Income) refers to the total inflow of economic benefits formed in the daily activities of a certain entity, including an individual or an enterprise, such as the sale of goods, provision of labor and transfer of the right to use assets, and usually includes operating income, investment income, gain on changes in the fair value of the proceeds of disposal of assets, other gains, non-operating income, etc.

Turnover (English: Revenue or Turnover) refers only to the income earned by a business company from the provision of products or services. Turnover minus expenses is profit.

Revenue is generally generated in the course of day-to-day business activities. Day-to-day activities are the recurring activities that a business engages in to accomplish its business objectives and the activities associated with them.

Revenue may cause an increase in the owner's equity in accounting. It may manifest itself as an increase in assets or a decrease in liabilities, or both, i.e., an increase in owners' equity. The inflow of economic benefits associated with revenue should result in an increase in owner's equity; an inflow of economic benefits that does not result in an increase in owner's equity does not meet the definition of revenue and should not be recognized as revenue.

Revenue consists only of the inflow of economic benefits to the enterprise, so it should not include amounts collected on behalf of third parties or customers.