income account

noun

1. an account maintained for a particular item of revenue or income.
2. Also called profit and loss account. a summary account for income and expenditures, used in closing the ledger.

Word History and Origins

Origin of income account¹

First recorded in 1865–70

Example Sentences

For the sake of lucidity, I keep the expense account and the income account distinct.

From Project Gutenberg

The income account of the Nation is in a most satisfactory condition.

From Project Gutenberg