Income is the monetary or equivalent value that an individual, organization, or business receives during a specific period, typically derived from activities such as work, investments, or ownership in businesses. For instance, an employee receives income in the form of wages or salary, while a shareholder earns income through dividends.

Income is a critical financial term used in analyzing the financial stability and performance of entities. In personal finances, tracking income helps in budgeting and managing expenses. Businesses account for income as part of revenue, contributing to understanding the profitability and sustainability of the business operations. Different types of income include earned income (such as wages), passive income (from investments), and portfolio income (profits from the sale of investments).

For example, a company's income statement details the amount of revenue earned and subtracts related expenses to calculate the net income. As such, understanding income is essential for successful financial planning and analysis in various contexts, including month-end financial procedures.