What's the difference between earned income and costs

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Conor Weeks

Business

15 July, 14:15

What's the difference between earned income and costs

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Rayna Swanson · Answer 1

The main difference between earned income and cost is that earned income is an account that sums into the revenue and cost is an account that subtracts from the revenue.

Earned income: This is a concept that refers to the wages, salaries, tips and any other remuneration obtained for the participation in a Business or Trade.

Costs: The amount of money that must be expended to obtain something. Upon the scenario the costs might be related to the production of a good or service e. g. supplies. direct raw material. or costs might be the final price of a good or service.