What is defined as total revenue in an accounting period minus all expenses during the same period?

Net income is defined as the total revenue generated during an accounting period minus all expenses incurred during that same period. This figure represents the company's profit after all costs and expenses, including operating expenses, interest, taxes, and any other expenses have been deducted from total revenue. It is a key indicator of a company's financial performance, showing how efficiently management is at controlling costs and generating profit from revenue.

Gross income, on the other hand, typically refers to revenue minus the cost of goods sold, not accounting for other operating expenses. Operating income represents the profit from regular business operations, excluding certain expenses such as taxes and interest, and cost of goods sold merely includes the direct costs of production related to the goods sold by a company. These distinctions highlight why net income specifically addresses the bottom line after all expenses, making it an essential measure for understanding a company's overall profitability.