Ethics:

Ethics in the accounting profession is defined as guidelines and principles. It includes laws and standards of behavior.

GAAP:

GAAP stands for generally accepted accounting principles. It is the set of accounting principles and standards.

It was issued in 1973 for US public and private companies by the financial accounting standard board for issuing a public statement.

It is the set of accounting guidelines lines and rules used by the companies for financial reporting.

Revenue:

Revenue is the total income earned by the business before the deduction of expense in its normal course of activity by performing the service or selling goods.

Example: Amount received from the sale of goods and services, rent received, commission.

It is added to the capital. It is an inflow of assets and increases the wealth of the organization, that result increases the owners’ equity.