follow Dictionary.com

Are yams and sweet potatoes the same?

income account

noun
1.
an account maintained for a particular item of revenue or income.
2.
Also called profit and loss account. a summary account for income and expenditures, used in closing the ledger.
Origin
1865-1870
1865-70
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source
Examples from the web for income account
  • Your unit income account will be paid to your designated beneficiary.
  • For small credits or outstanding checks, it is as easy to transfer them to a liability account as an income account.
  • Ralphs also transferred these amounts into a grocery income account.
  • In rare instances, a retirement income account may be a defined benefit plan.
  • In neither year did the income account show these profits.
  • Retained income accounts form the connecting link between the income account and the equity section of the balance sheet.
  • Said cost of living increase shall be funded from the investment income account of the system.

Word of the Day

Difficulty index for income account

Few English speakers likely know this word

Word Value for income

10
13
Scrabble Words With Friends