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It's now called "Statement of Income and Expenditure" according to the newly introduced IFRS.
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoStatement of Comprehensive Income
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Income and expenditure account?
It is a financial statement and a part of the final accounts of a business.It is also known as the profit and loss statement/account and,,under the new IAS,is known as the statement of comprehensive income.It mainly serves to deduce the profit/(loss) for the year i-e the income minus all the expenses and costs.
What the benefits calculating loss and profit?
can c perfomence We can have many advantages and benefits by calculating the profit and the loss of the entrepreneur as below, 1. We can make future plans about the Organization according to the loss or the profit. 2. We can compare the situation of the Organization with other Organizations. 3. It is helpful to have new Investors for the company. 4. We can manage the Capital & other Assets according to the loss and the profit. 5. We should calculate the profit or the loss because it is a necessary requirement of the Accounting Law.
State the accounting treatment for depreciation?
As expenses in the profit and loss account = according to straight line or reducing balance methods and new year - old year and subtracted from the b/s from the fixed asset****
If the total of expenses is more than the income is that a profit or loss?
If a company expends more money than it acquires through its business activities then the company will make a loss (negative profit and loss account) Please note, however, that when starting up, a new company may anticipate making a loss for the first x number of years until e.g. the product becomes accepted or marketing strategies start to bear fruit.
What does a negative profit mean?
Negative profit is profit realized from effective loss prevention. For example, A company introduces a new procedure that reduces loss by 5%. This 5% is actually profit that would not have been realized if it had not been for the procedure being implemented yet it still contributes to the companies overall profit.
How is discount allowed treated in the trading and profit andloss account?
Discounts are allowed in the trading and loss accounts, because the products are not in brand new condition. This allows an amount of money to be taken off so that the item is discounted.
How do you account for tax owed for profit from car sale?
Profit on sale of old car comes under capital gain. You can save your tax to purchases a new car with in a year.
Can you change your Skype name?
No you cannot. You would have to create a new account for a new name.
How do you hack someone's account on animal jam?
Type in there name in a new account then u will go in there account
How can you change your name on stardom?
Make a new account!!
How do you change name on girlsense?
you cant to get a different name you have to make a new account
What portion of profit on uncompleted contracts is transferred to the profit and loss account?
Profit and Loss Accounts are necessary accounting tools for any business, small or large. They are used to account for all financial gains and losses over a specific fiscal year. When a contract's provisions do not coincide with your business' fiscal year, you must decide how to account for contract profits. The most convenient solution is to simply calculate the profit during the fiscal year for which you are drawing up the Profit and Loss Account.Profit and loss accounts· Businesses use profit and loss accounts to track revenues, gains, expenses and losses during a specific fiscal year. In short, the statement helps a company's officers know whether they were profitable or not for the prior fiscal year. Because the statement is broken down into categories, officers can identify areas of needed improvement. Profit and Loss Categories· The statements are generally have two distinct categories: "Revenues and Gains" and "Expenses and Losses." The "Revenues and Gains" category includes revenues from "primary activities," revenue/income from "secondary activities," and gains (for example, on the sale of assets or gains from lawsuits). The "Expenses and Losses" category includes expenses from primary and secondary activities and all losses (on the sale of assets and lawsuits). An example of a "primary" activity is the buying and selling of merchandise, while a "secondary" activity is the rent from unused space Uncompleted Contracts· Whether you are engaged in a primary or secondary activity, your company likely signs contracts for the services of a third party, or otherwise to legally bind the party to engage in some action. For example, you may contract with vendors to have them sell your products on your behalf. Because the fiscal year may end before the term of a contract does, you may have profits on that contract that you want to account for in your Profit and Loss Statement. Accounting for Uncompleted Contract ProfitThe day that a fiscal year ends a new one begins. The terms of a contract may or may not coincide. Therefore, to account for profits in a given fiscal year, you merely need to add up all of the profit earned on a contract from the start of the current fiscal year to the last day in the current fiscal year. Because it is a profit, it will fall under the broad category of "Revenues and Gains." However, you must decide whether the profit on the contract is from your businesses "primary," or "secondary" activities, or whether it is a gain from the sale of long-term assets or a lawsuit. This tells you where to account for the profit in the overall Profit and Loss statement Profit on incomplete contracts: At the end of an accounting period it may be found that certain contract have been completed while others are still in process and will be completed in the coming years. The total profits made on completed contract say be safely taken to the credit of the profit and loss account. But the same cannot be done in case of incomplete contracts. These contracts are still in process, and there are possibilities of profits being turned into to losses on account of heavy rise in prices of materials and labor and losses on account of other unforeseen contingencies. At the same time it does not also seem desire able to consider the profits only on completed contracts and ignore completely incomplete ones because this may result in heavy fluctuations in the figure of profit from year to year. A year in which a large number of contracts have been completed will show an abnormal high figure for profit while reserve may be the case in the year in which a large number of contracts remain incomplete. Therefore, profits on incomplete contracts should be considered, of course, after providing adequate sums for meeting unknown contingencies
