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Business income refers to the net profit earned from carrying on a trade, profession, or commercial activity during a specific accounting period. It represents the excess of total revenue over total expenses incurred in generating that revenue. In financial accounting, business income is calculated by matching revenues earned with the expenses incurred to earn them, in accordance with the accrual concept and matching principle. Revenues _______ ____ _____ _______ _______ _________ ____.
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