income account

noun

Definition of income account 

: a financial statement of a business showing the details of revenues, costs, expenses, losses, and profits for a given period

called also income statement

Examples of income account in a Sentence

Recent Examples on the Web

Last year saw music sales rise by 8.1 percent to $17.3 billion and total digital income account for more than half of all trade revenue (54 percent) for the first time. Richard Smirke, Billboard, "IFPI Global Report 2018: Music Sales Rise for Third Straight Year as Streaming Becomes Biggest Revenue Source," 24 Apr. 2018 The $64 billion highlighted in the report comprised $48.7 billion in the principal portion of the fund and $15.3 billion in the earnings reserve income account. Author: Elwood Brehmer, Anchorage Daily News, "Permanent Fund value hits $64B at fiscal year midpoint," 8 Feb. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'income account.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of income account

1869, in the meaning defined above

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The first known use of income account was in 1869

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