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How do you use verb form for example the financial statement showed that the computation of the annual revenues had been done properly?
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∙ 10y ago
finance
Wiki User
∙ 10y ago
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What is financial statement that summarizes the revenues and expenses for a specific period of time?
income statement
What financial statement element is closed at the end of an accounting cycle?
revenues
Is a financial statement that summarizes the revenues and expenses for a specific period of time?
skuks as
What is financial elements?
The elements of financial statement refer to the items enclosed in a financial statement. Examples of these elements are assets, liabilities, net or equity assets, expenses, revenues, losses and gains.
What is the business definition for profit loss statement?
The business definition of the profit loss statement is a financial statement that explains your costs, expenses and revenues in a specific time period.
By matching revenues and expenses in the same period in which they incur?
By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement.
Does the statement of changes in financial position derives its information from the income statement?
No, the statement of changes in financial position does not derive its information from the income statement. The statement of changes in financial position shows the sources and uses of funds during a specific period, including cash flow from operating, investing, and financing activities. It provides a different perspective than the income statement, which focuses on revenues, expenses, and net income.
What is on an income statement?
revenues and expenses
How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
What is the explanation for the elements of financial statement?
asset, liability equity, investment by owners, distructions to onwners, comprehensive income, revenues, expenses, gains and lossesType your answer here...
Do you have to record unearned revenues on income statement?
No. Unearned Revenues are recorded on the Balance Sheet.
Where is i reported in the financial statements?
Need more clarification: i = interest? (if expense: shown in income statement, under expenses. if revenue: shown in income statement, under revenues) i = investment? (is an asset, showin in the asset section of the balance sheet) i = income? ( shown in the income statement)
