Joanne provides piano lessons to students in her home four days a week. The money she earns from providing these services would be characterized as which of the following on an income statement?

Question

Quizplus · Accepted Answer

The money earned from providing piano lessons is revenue, which is the income earned by a business from its operations. Assets are resources owned by a business, retained earnings are profits kept in the business, and equity is the residual value of assets after liabilities are deducted. None of these accurately describe the money earned from providing piano lessons.

Joanne Provides Piano Lessons to Students in Her Home Four