Income and Expense are two main types of account category that show up on an Income and Expense (or Profit & Loss, P&L) statement. Asset and Liabilities show up on a balance sheet. Equity is a type of asset. Debt is a type of liability. For more, read my book, Budgeting for Managers.
Sid, the vast knowledge never ceases to amaze me. You are absolutely correct . We could discuss the need to showing depreciation on the expense sheet for a non-profit organization and I still have an issue with retained earnings vs. non-cash assets.
No in accounting income it just that. It is income. It is separated from assets and equity. Depending on which country you are accounting in income, assets, and equity or capital gains as equitable assets are often called are all listed individually. But like I said the answer to this question depends largely on which country you are accounting in.
Will you invest in share market equity, debt or commodities or hard assets like real estate, farm?This is very difficult market where many investors lost their life life time saving and still in debt. Under this...