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what should determine an actual profit? extraordinary events net income total operating results and consistent net income material losses verses revenue

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AmishaSrivastava

Total operating results and consistent net income determines an actual income.

What is income?

  • Income refers to the ability to consume and save earned by a business over a specified period of time and is generally expressed in money.
  • Income is difficult to define conceptually and definitions vary by region.
  • Income is money received by an individual or business  in return for doing work, producing goods , services.
  • While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services that exceed their production costs.
  • His three most important types of income are earned income, passive income, and portfolio income.
  • Earned income consists of wages, salaries, tips and commissions.
  • Passive or unearned income is derived from rental properties, royalties, and limited partnerships.
  • Portfolio income includes interest, dividends and capital gains on investments.

To learn more about income from the given link :

https://brainly.com/question/14732695

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