Reporting Requirements for Annual Financial Reports of State Agencies and Universities Show General Accounting Use the following four categories of activities to classify cash transactions:
Generally, cash receipts and cash payments are reported as gross rather than net. Two exceptions to the gross reporting are:
What is a fee income?Fee income is the revenue that a financial institution earns on services rather than interest payments, which are traditionally charged on bank loans.
What type of account is fees income?Fees earned is a revenue account that appears in the revenue section at the top of the income statement. It contains the fee revenue earned during a reporting period.
Is fee income the same as turnover?Turnover in business is not the same as profit, although people often confuse the two: turnover is your total business income during a set period of time – in other words, the net sales figure. profit, on the other hand, refers to your earnings that are left after expenses have been deducted.
What is net fee income?Net income is gross profit minus all other expenses and costs as well as any other income and revenue sources that are not included in gross income. Some of the costs subtracted from gross to arrive at net income include interest on debt, taxes, and operating expenses or overhead costs.
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