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What are the example for Finance cost in profit and loss account or income statement?
Wiki User
∙ 11y ago
Interest on Loan
Wiki User
∙ 11y ago
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Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of income.
Format of income statement?
Following are the formats of income statements1 – Statement form2 – Account form
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
Is revenue an income statement account?
Yes
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of income.
What are the two ways of representing the Income Statement in accounting?
There are two ways of presenting income statement: Account Form Statement Form
What is a trading profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
Format of income statement?
Following are the formats of income statements1 – Statement form2 – Account form
Is account receivables part of the income statement?
yes
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
How do you account for receivables on the income statement?
Receivables are not part of income statement rather these goes to balance sheet as these are future activities.
Three key financial statements that corporations are required to prepare?
Statement of financial position ( Balance sheet) , Statement of Comprehensive Income ( Profit and Loss Account or Income and Expenditure account), Cash flow statement.
