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Differentiate between revenue and turnover.
The major differences between revenue and turnover are as follows −
Revenue
It is the total value of goods sold by a company.
It is the money earned by selling goods/services.
It effects the profitability of a company.
It calculates the gross profit, net profit and operating profit.
It determines growth of the company.
The types of revenue are operating revenue and non-operating revenue.
It is mandatory to report on income statement.
Turnover
It is an income generated by trading of goods/services.
It is makes/burns of the asset by a company.
It effects the efficiency of a company.
It calculates inventory turnover ratio, asset turnover ratio, sale turnover ratio, accounts receivable and accounts payable ratio.
It manages production levels.
The types of turnover are inventory, cash and labour.
It is not mandatory to report.
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