Nevada Revised Statutes 353.311 – ‘Revenue’ defined
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‘Revenue’ means the gross increase in ownership equity during a designated period. If the accounts are kept on an accrual basis, the term designates:
Terms Used In Nevada Revised Statutes 353.311
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
1. Additions to assets which do not increase any liability or represent the recovery of an expenditure or contributions of fund capital in proprietary funds; and
2. The cancellation of liabilities without a corresponding increase in other liabilities or a decrease in assets. If the accounts are kept on the modified accrual basis, the additions must be measurable and available to finance expenditures of the fiscal period.