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Income statements show net income for a period of time (income minus expenses).
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∙ 13y ago
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Describe the diffferences between financial statement income and taxable income?
There is some difference in financial statement income as well as taxable income as in financial statement income there are items which are not allowed by tax authorities and main item is depreciation. Other factors are that tax is deducted on income which is received while in financial statement income included revenue which is not received or accrual items that needs to be adjusted as well that's why financial statement income and taxable income is not same.
What errors would cause the statement of financial position not to balance?
entering a liability on the statement of comprehensive income as income
How do you do Income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What is true if the income statement debit column exceeds income statement credit column on a worksheet?
That would indicate that the company has made a loss.
How do you prepare comparative income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What are the two categories of the income statement?
Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement
Does telephone go on the income statement?
No, telephone expenses do not go on the income statement. Telephone expenses would be recorded as an operating expense on the income statement under the category of "Communication expenses" or similar designation.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
Why would you prepare a income statement?
Income statement is prepared to find out the net profit or loss related to one fiscal year of business activities.
What type of accounts would not be presented on an income statement?
Withdrawals
Describe a balance sheet income statement retained earnings statement and statement of cash flows How does a company use these financial sta?
To check on the financial position of the company eg: payables and receiveables
What is a projected income statement?
projected income statement is the estimated income statement to estimate the future business position.
