Current revenue refers to the income that individuals earn from their employment, business ventures, investments, or any other sources of income within a specified timeframe. It encompasses regular payments received, such as salaries or rental income. It should be distinguished from accrued income, which represents earnings that have been earned but not yet received. Current revenue plays a crucial role in tax calculations and significantly impacts an individual’s overall financial status.
Current revenue, also known as current income, refers to the money or payment received periodically within the present accounting period. It can come from various sources such as employment, business, investments, royalties, and gifts. Examples of current revenue include salary earned from a job, profits earned from a business, interest earned from investments, royalties earned from creative works, and gifts received from family or friends. These examples highlight that current revenue is the income received during the current accounting period, distinguishing it from accrued income (money earned but not yet received) and deferred income (money received at a later time than when it was earned).
Current revenue refers to the total amount of money generated by a business or organisation from its ongoing operations within a specific period, typically a fiscal year.
Current revenue is calculated by adding up all the income generated from sales of goods or services, rental income, interest earned, and any other sources of revenue during a specific period.
Yes, businesses are legally required to accurately report their current revenue in their financial statements and tax returns. Failure to do so can result in penalties and legal consequences.
Intentionally manipulating or misrepresenting current revenue is illegal and can lead to severe legal consequences, including fines, penalties, and potential criminal charges for fraud.
The specific regulations and laws governing current revenue reporting may vary depending on the jurisdiction and the type of business. However, generally accepted accounting principles (GAAP) and tax laws provide guidelines for accurate reporting.
Yes, current revenue is often used as a key indicator of a company’s financial health and performance. It helps assess the company’s ability to generate income and cover its expenses.
Yes, current revenue is a crucial factor in determining a company’s tax liability. The amount of revenue generated directly affects the amount of taxable income, which is subject to taxation.
Yes, current revenue can be used as evidence in legal disputes, particularly in cases involving contract disputes, shareholder disputes, or allegations of financial misconduct.
Underreporting current revenue can have serious legal consequences, including penalties, fines, and potential criminal charges for tax evasion or fraud.
Yes, government authorities, such as tax agencies, have the authority to audit a company’s current revenue to ensure compliance with tax laws and regulations.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/current-revenue/
- Modern Language Association (MLA):Current Revenue. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/current-revenue/.
- Chicago Manual of Style (CMS):Current Revenue. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/current-revenue/ (accessed: May 09 2024).
- American Psychological Association (APA):Current Revenue. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/current-revenue/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts