income item vs return item

Both "income item" and "return item" are correct phrases, but they are used in different contexts. "Income item" refers to an item related to income, such as a source of income or a specific income category. On the other hand, "return item" typically refers to an item that is being returned, like a product being sent back to a store. Therefore, the choice between the two depends on whether you are referring to income-related items or items being returned.

Last updated: March 31, 2024 • 714 views

income item

This phrase is correct and commonly used in English.

This phrase is used to refer to an item related to income, such as a source of income or a specific income category.

Examples:

The rental property is listed as an income item on the tax return.
Investments are considered income items for accounting purposes.

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Concepts and definitions of investment income and items in the financial account 1.1.
It is more significant to express income balancing items in net terms.
for credit institutions and other financial institutions, the sum of the following income items as defined in Council Directive 86/635/EEC, after deduction of value added tax and other taxes directly related to those items, where appropriate:
Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs.
The profit (loss) before income tax shall include all extraordinary income and expense items.
Income and expense items are not offset unless the criteria in paragraph 32 are met.
In specific cases, however, Member States should be allowed to permit or require undertakings to perform set-offs between asset and liability items and income and expense items.
2. The Member States may permit the charges and income covered by these items to be set off against each other, so that only a net item (income or charge) is shown.
Other income statement items, such as interest income and expense, and foreign exchange differences related to invested or borrowed funds, are also associated with the net monetary position.
Interest income This item represents interest of ECU 10.2 million earned on the investment of cash balances (see Notes under «Other assets ) .
Any increase in the liability relating to financial guarantees is taken to the income statement under item Credit loss expense.
Other liabilities 6.1 Accruals and deferred income 6.2 Sundry items
Additional information in respect of income and expenditure items has also been provided by the Authorising Officer.
Information should also exchanged with respect to items of income not subject to the agreement but covered by their respective conventions.
Set-offs between asset and liability items and income and expense items should not be allowed and components of assets and liabilities should be valued separately.
Notes on the Profit and Loss Account Income This item represents interest earned on employment of excess cash balances in
Income tax relating to items that will not be reclassified
States often undertake, in their double taxation conventions, not to tax certain items of income.
When items of income and expense are material, their nature and amount shall be disclosed separately.
The premium received is recognized in the income statement under item Net fee and commission income on a straight line basis over the life of the guarantee.

Alternatives:

income source
income category
revenue item
earnings item
profit item

return item

This phrase is correct and commonly used in English.

This phrase is used to refer to an item that is being returned, such as a product being sent back to a store.