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Simple English definitions for legal terms
current revenue
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A quick definition of current revenue:
Current revenue is the money that someone earns from their job, business, investments, or other sources of income during a specific period of time. It is the money that they receive regularly, like a paycheck or rent payment. This is different from money that they have earned but not yet received, which is called accrued income. Current revenue is used to calculate taxes and is an important part of a person's financial situation.A more thorough explanation:
Current revenue refers to the money or payment received periodically from employment, business, investments, royalties, gifts, and other sources within the present accounting period. It is also known as current income.
Examples of current revenue include:
- Salary earned from a job
- Profits earned from a business
- Interest earned from investments
- Royalties earned from creative works
- Gifts received from family or friends
These examples illustrate how current revenue is the income that one receives within the current accounting period. It is different from accrued income, which is money earned but not yet received, and deferred income, which is money received at a later time than when it was earned.