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Difference between Income statement and Profit and loss account?
Wiki User
∙ 12y ago
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....
Wiki User
∙ 12y ago
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Difference between marchindising income statement and manufacturing income statement?
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.
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.
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
What is a disposal account in accounting?
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.
Difference between marchindising income statement and manufacturing income statement?
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.
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.
How do you account difference between depreciation as book and depreciation as tax?
This will be found under "deferred taxes" on the income statement.
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
What is a disposal account in accounting?
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.
What is the difference between a P and L Statement and an Income Statement?
They are the same thing. "P and L Statement" is an older less-commonly used term for an "Income Statement."
Is revenue part of 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 what?
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?
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.
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
Difference between receipts and payments account and income and expenditure account?
what is the different between error of transposition and casting
