Income Statement Accounts List

Income statement accounts are those accounts in the general ledger that are used in a firm s profit and loss statement.

Income statement accounts list. On a separate line you also can list interest income such as money earned from interest earning savings accounts and money market funds. When you subtract interest expense from the net income it equals your earnings before taxes. List of revenue accounts. Example following is an illustrative example of an income statement prepared in accordance with the format prescribed by ias 1 presentation of financial statements.

Revenues or income refer to economic benefits received from business activities. The income statement portion of the chart of accounts normally begins by listing revenue accounts followed by the expense accounts. The revenues are grouped or classified based on whether they are related to the normal. A chart of accounts is a list of all your company s accounts together in one place.

The sections of a multi step income statement include. The main account types include revenue expenses assets liabilities and equity. Income statement and balance sheet template shown with t accounts would a great resource aid for students in accounting use income statement and balanc. Each line item and account title is described for you to know and understand what items are reported under revenues in the income statement.

These accounts are usually positioned in the general ledger after the accounts used to compile the balance sheet. It provides you with a birds eye view of every area of your business that spends or makes money. You can either list interest income separately or combine it with interest expense on the same line. This section includes total sales the cost of goods sold and the difference between the two which is gross profit.