Both are same
Income statement shows both operating and non-operating amounts. Revenue, Net profit/loss and profit per share. I think you are thinking of the Balance sheet that lists assets, liabilities and shareholders' equity.
Both statements are difference in this way that in merchandising income statement there is only one purchases items while in manufacturing income statement there is complete manufacturing account is also prepared to show manufacturing process as well.
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
Income statement shows only income of the concern in a particular period but Profit and loss statement shows both income and expenditure of a firm or concern for a particular period as well as it helps to know the performance of the organisation....
Income is an income statement account and shown in income statement and not a balance sheet account.
A disposal account is a gain or loss account that appears in the income statement, and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.
Both statements are difference in this way that in merchandising income statement there is only one purchases items while in manufacturing income statement there is complete manufacturing account is also prepared to show manufacturing process as well.
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
This will be found under "deferred taxes" on the income statement.
Income statement shows only income of the concern in a particular period but Profit and loss statement shows both income and expenditure of a firm or concern for a particular period as well as it helps to know the performance of the organisation....
Income is an income statement account and shown in income statement and not a balance sheet account.
Income statement & balance sheet.
A disposal account is a gain or loss account that appears in the income statement, and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.
They are the same thing. "P and L Statement" is an older less-commonly used term for an "Income Statement."
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
The Income Statement is prepared from the balances of some of the General Ledger Accounts. The General Ledger Accounts are split between the Income Statement and the Balance Sheet. The Account types used by the Income Statement are Revenue, Costs and Expenses.
Income statement of manufacturing organization is same as for trading company with little difference in manufacturing company there is separate manufacturing account is also prepared.
NO, Account payable is a balance sheet item it does not appear in the income statement.