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The aim of the income statement is to show how much profit has been generated by the business in a financial year.
Income statement accounting a level. You can either present a 1 single step income statement or 2 multi step income statement. It shows all revenues and expenses of the company for a period of time. The income statement serves several important purposes. There are 3 key sections of an income statement.
An income statement shows the profit or loss generated by a business over a specific period of time. Definition of income statement the income statement presents information on the financial results of a company s business activities over a period of time. If revenue is higher than. There are two ways of presenting an income statement.
This is a simple equation that shows the profitability of a company. The income statement is a historical record of the trading of a business over a specific period normally one year. Zimsec o level principles of accounting. The p l formula is revenues expenses net income.
An income statement under accrual accounting reflects revenues earned where an exchange in value among the parties has taken place regardless of whether cash was received. Expenses on the statement have been incurred where the business has received a benefit and has paid for it or has recorded a liability to pay it at a future date. An income statement summarizes a company s financial performance. The income statement is one of three statements.
Accounting for limited liability companies. It shows the profit or loss made by the business which is the difference between the firm s total income and its total costs. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. The income statement is used to calculate the net income of a business.
It communicates to users how much revenue the company has generated during the period and the cost incurred by it in connection to generating such revenues.
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