Accounting
What is the revenue equation?
Revenue = Price x Units Sold
OR
Revenue = Sales x Average Price of Service or Sales Prices
What are the two types of revenue?
- Operating Revenue
- Non-operating Revenue
What is the accounting equation?
Assets = Liabilities + Equity
Give at least three accounts in revenue
Income gross
- Sales Revenue Account
- Service Revenue Account
- Receipts
- Dividend Revenue
- Stockholder’s Income / Stockholder’s Profit Share
- Franchise Fee
- Commissions Earned
- Interest Revenue
- Royalty and Licensing Revenue Accounts
- Rental Income Account,
- Interest and Investment Account
- Grant Income Accounts
- Miscellaneous Revenue Account
What are the two types of contra-accounts
- Sales Returns and Allowances
- Sales Discount