revenue v/s income

DISTINGUISHING BETWEEN REVENUE AND INCOME:  In day-to-day conversation, some terms can often be used casually and without a great deal of precision. Words may be treated as synonymous, when in fact they are not. Such is the case for the words "income" and "revenue." Each term has a very precise meaning, and you should accustom yourself to the correct usage. It has already been pointed out that revenues are enhancements resulting from providing goods and services to customers. Conversely, expenses can generally be regarded as costs of doing business. This gives rise to another "accounting equation": Revenues - Expenses = Income Revenue is the "top line" amount corresponding to the total benefits generated from business activity.  Income is the "bottom line" amount that results after deducting the expenses from revenue.  In some countries, revenue is also referred to as "turnover." INCOME STATEMENT:  A summary of an entity's results of operation for a specified period of time is revealed in the income statement, as it provides information about revenues generated and expenses incurred.  The difference between the revenues and expenses is identified as the net income or net loss. You take careful note that the income statement relates to activities of a specified time period (e.g., year, quarter, month), as is clearly noted in its title: