Income FAQs:

Q: Is income the consumption and savings opportunity gained by an entity within a specified timeframe?

A: Yes, and which is generally expressed in monetary terms.

Q: Is income increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity?

A: Yes, and other than those relating to contributions from equity participants.

Q: Is income distributed in an uneven manner?

A: Yes.

Q: Is income the sum of all the wages?

A: Yes, and salaries, profits, interests payments, rents, and other forms of earnings received.