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Most income statements reflect the accounting periods which are utilized by each firm.
Explain the income statement. Income statement also referred to as a statement of income and expense or b statement of profit or loss or c profit and loss account is a financial statement that summaries the results of a companys operations for a period. However there are likely to be some other explanations as well. The income statement is used to give a summary of the companys revenues and expenses over a specific period of time.
An income statement is a financial statement that is issued by an organization. An income statement is an important indicator of a companys financial health. The income statement is one of three statements.
The income statement presents the financial results of a business for a stated period of time. The income statement is one of the elements of financial statements. Every business when preparing the financial statements starts with preparing the income statement for that period.
A company that is not profitable will not attract investors and even existing shareholders would start selling their shares. The format of the income statement components allows for dissecting the revenues expenses operating income and profits of an entity. An income statement otherwise known as a profit and loss PL statement and profit and loss PL account is a record that measures and shows all the expenses and revenues a company incurred during a specific period of time.
The purpose of the income statement is to provide the financial earnings performance of the entity over a specific period of time. What is the Purpose of the Income Statement. An income statement is prepared for an entire accounting period.
The PL statement shows a companys ability to generate sales manage expenses and. The income statement summarizes a companys revenues and expenses over a period either quarterly or annually. This information is more valuable when income statements from several consecutive periods are grouped together so that trends in the different revenue and expense line items can be viewed.
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