What conditions warrant the use of the terms "income" and "revenue"? I often see, for example, interest earned recorded as interest income and interest revenue; should revenue only be used when the earnings are related to the principal activity of the entity?
Revenue versus Income?
- Thread starter LYAK
- Start date
Those terms are so interchangeably used that you would have to see how they are used in a particular industry. Example the main earnings in a manufacturing industry called "Sales Revenue" and the main earnings for a bank called "Interest Income" and not usually "Interest Revenue". It's an example of the phrase "term of art."