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What is the difference between a P and L Statement and an Income Statement?
Wiki User
∙ 11y ago
They are the same thing.
"P and L Statement" is an older less-commonly used term for an "Income Statement."
Wiki User
∙ 11y ago
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What is difference between P and L statement and income and expenditure statement?
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.
What is the difference between profit and loss account and budget?
Budget is pre-facto and P&L is post-facto. Budget can be defined as projected Income/P&L statement.
Do accounts receivable go on an income statement?
Nope. It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L.
Where does accounts receivable go balance sheet or income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L
Where to put rent expenseon financial statement?
in p&L a/c
What is difference between P and L statement and income and expenditure statement?
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.
What is the difference between profit and loss account and budget?
Budget is pre-facto and P&L is post-facto. Budget can be defined as projected Income/P&L statement.
What is your conclusion in financial statement?
the financial statement helps one to know the difference between income or gains and expenses or losses in p and l A/C.and the balance sheet to compare with the last years profits.
What was the income statement previously called?
The Income Statement is also called the P&L (Profit and Loss) Statement.
Do P and l refers to the income statement?
P and L refers to Profit and loss Account and yes its another name for Income statement
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
Depreciation expense appears on what financial statement?
Income Statement
What is the difference between statement and opinion?
A statement is a factual assertion that can be proven true or false based on evidence, while an opinion is a belief or judgment that cannot be objectively proven. Statements are based on objective information, while opinions are based on personal interpretations or feelings.
How do you calculate net income from balance sheet?
You can't ! it's a function of the Profit and Loss Statement. Income from previous years will appear on the balance sheet...but Net Income is a P&L Function.
What is the difference between Almish and Amish?
The difference is a letter L.
What is the difference between HIPPA and pipeda?
l
What is the difference between a Toshiba L and A series laptop?
Not much difference between them feature are almost similar
