Net income is the increase in total revenues and gains compared to total expenses and losses for an accounting period. It is the mathematical result of revenues and gains minus the value of direct and indirect expenses and all other losses.

- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.

- Example: Teams reference **Net Income** when defining terms in manuals, policies, or training materials.

- Why it matters: Improves clarity and consistency across documentation and decision-making.