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WHAT IS A FINANCIAL STATEMENT THAT SUMMARIZES THE REVENUE AND EXPENSES FOR SPECIFIC PERIOD?
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∙ 9y ago
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Norberto Hirthe
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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.
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
What are the three basic financial statements and what major information does each contain?
Income Statement: it shows the revenue and expenses for specific yearbalance sheet: it shows the overall performance of the company from the time of incorportation to till dateCash flow statement: Cash flow statement shows the cash inflows and outflows from operating, financing and investing activities.
Difference between cash flow statement and income statement?
cash flow statement only shows cash transactions while income statement shows incomes and expenses for specific fiscal year.
What is the meaning of revenue expenses in financial accounting?
Revenue expenses are those expenses which are incurred for every fiscal year to earn revenue for specific fiscal year and are recurring nature like salaries etc.
Is a financial statement that summarizes the revenues and expenses for a specific period of time?
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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 that summarizes the revenue and expensed for a specific period of time?
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What is the name of the financial statement that compares your income to expenses?
'Income Statement' is the financial statement which compares the business incomes with its expenses using matching principle for specific period of time
What is an income statement?
Income statement is financial statement which shows all incomes and expenses for specific fiscal year and net profit or loss for specific fiscal year.
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.
What is a financial statement that summariezes the revenues and expenses for a specific period of time called?
An income statement is the summary of a business's income and expenses during the past year. Income statements are used to determine how well a business is performing financially.
What goes on a income statement?
income statement includes expenses and incomes related to that specific single fiscal year for which that income statement is prepared. It is to clarify that only income and expenses related to that specific period is included and not for any other fiscal year.
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.
Does bank expense goes at income statement?
No, bank expenses do not typically go on the income statement. Bank expenses are usually recorded on the bank's own financial statements as part of their operating expenses. The income statement of a bank would typically include items such as interest income, loan loss provisions, and non-interest income.
Does the income statement describes the financial position of a firm on a given date?
Yes, an income statement is a document used to show what the businesses revenue and expenses are during a specific period. It shows where all the money has gone and where the money has come from.
What is the income statement?
The Income Statement is an accounting of income and expenses that indicates a firm's net profit or loss over a certain period of time, usually quarterly or yearly - a statement of operating expenses & revenue for a specific accounting period.
