Distinguish between revenues and costs of production.

Revenues are an income while cost of production is an expense

Explanation:

Revenue is income gained by a company as a result of its normal business operations or other business activities. They are earnings a company obtains from its sales or provision of services. Revenue is recorded at the time of delivery of a service or merchandise.

The cost of production is the expense incurred by a company in producing one unit of a product or service. The cost of production includes the cost of labor, raw material, consumables, and overheads. These costs are classified into two; fixed cost and variable cost.

Fixed costs are constant and are not affected by production levels. They include rent, salaries, and depreciation.

Variable costs are dependent on the level of production. They include raw materials and production consumables.

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