Net Income

It represents an increase in owners' equity that results from profitable business operations. It is calculated as revenue minus expenses. Importantly, net income doesn't directly consist of cash or specific assets; it is an overall computation that reflects changes in owners' equity​​.

Revenue

 This is the price of goods sold or services rendered during a period. It causes owners' equity to increase, as it typically results in the receipt of cash or accounts receivable .

Expenses

These are the costs of goods and services used to generate revenue, such as salaries, rent, and utilities. Expenses reduce owners' equity, either by decreasing assets or increasing liabilities​.