To many people, income is their paycheck, but in accounting it is typically viewed as the excess of revenue received over costs and expenses.

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Zybrea Knight · Accepted Answer

Final Answer : True, Explanation :  In accounting, income or profit is calculated by subtracting all of the costs and expenses from the revenue received. It is not the same as a person's paycheck, which is typically just a portion of their income.

To many people, income is their paycheck, but in accounting it is typically viewed as the excess of revenue received over costs and expenses.

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