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Answer Posted / kalyani
In general: sum remaining after all expenses have been met
or deducted; synonymous with net earnings and with net
profit or net loss (depending on whether the figure is
positive or negative).
For a business: difference between total sales and total
costs and expenses. Total costs comprise cost of goods sold
including depreciation; total expenses comprise selling,
general, and administrative expenses, plus Income
Deductions. Net income is usually specified as to whether
it is before income taxes or after income taxes. Net income
after taxes is the bottom line referred to in popular
vernacular. It is out of this figure that dividends are
normally paid. See also Operating Profit (or Loss).
For an individual: gross income less expenses incurred to
produce gross income. Those expenses are mostly deductible
for tax purposes.
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