What term is used for the amounts received from customers for products sold or services provided?

The term used for the amounts received from customers for products sold or services provided is "Revenues." Revenues represent the income generated from the core operations of a business, essentially reflecting the sales performance. This figure is crucial as it indicates how effectively a company is generating sales through its ordinary business activities.

Revenues are recorded when the sale occurs, irrespective of whether cash has been received at that moment, in accordance with accrual accounting principles. Understanding revenues is essential for evaluating a company’s financial health, as they are a key component in calculating other metrics such as net income, profits, and overall growth.

In contrast, expenses refer to the costs incurred in the process of earning revenues, net income is the result after deducting expenses from revenues, and assets are resources owned by the company that provide future economic benefits. Each of these terms plays a distinct role in financial analysis, but revenues specifically denote the incoming funds from sales, making it a fundamental concept in the assessment of a company's financial performance.