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The purpose of the income statement is to show the reader how much profit or loss an organization generated during a reporting period 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.
Income statement purpose in accounting. Example following is an illustrative example of an income statement prepared in accordance with the format prescribed by ias 1 presentation of financial statements. The income statement also called a profit and loss statement is a report made by company management that shows the revenue expenses and net income or loss for a period. Income statement is one of the important financial reports of company which is prepared with the purpose of providing the summary of all the revenues and the expenses over the time period in order to ascertain the profit or loss of the company and measuring its business activity over the time period depending upon various requirements of users. The income statement is one of the main four financial statements that are issued by companies.
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 contains several subtotals that can assist in. Balance sheet income statement statement of owner s equity and statement. Income statement purpose 2.
An income statement is one of the three along with balance sheet and statement of cash flows major financial statements that reports a company s financial performance over a specific accounting. Income statement also known as profit loss account is a report of income expenses and the resulting profit or loss earned during an accounting period. Through the income statement the reader can comprehend how profitable the business is and what are the various business activities that the company has undertaken. Shows that the company performed well as it made a net profit of 18 650 in the year 2018.
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