Q3: What is the difference between Revenue and Income? (revision from Week 1)

A:

“We can see that revenue is limited to gains arising in ‘the course of the ordinary activities’ of a firm. Now the definition of income includes revenue as well as gains that may not have occurred in the ordinary activities of a firm, for example gains on the disposal of non-current assets or on the revaluation of marketable securities.

Study Guide Chapter 1 Section 1.3 page 1-14