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To show managers and investors whether the company made or lost money during the period being reported
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∙ 10y ago
Atsede Tsigabu
The purpose of income statement is to show mangers ,investors , whether the company makes profit or in loss.
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What is the purpose of a projected income statement?
Purpose of projected income statement to foresee the future of company based on certain assumptions during the planning stage.
Why expenses debited in the income statement?
All incomes and expenses related to one fiscal year arrives in income statement as it is the sole purpose of income statement to show all expenses and incomes to arrive and net profit or net loss for that period.
What is the purpose of a income statement?
All expenses and incomes related to one specific fiscal year is shown in income statement which ultimately bring down the net profit or net loss for that period.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What is a projected income statement?
projected income statement is the estimated income statement to estimate the future business position.
What a projected income statement. In your explanation outline the purpose of a projected income statement?
Projected income statement means the preparation of propose or expected income statement of future or predicting the future income statement based on certain assumptions. Purpose of projected income statement is to find out or predicting the future of business by analyzing different scenarios in planning phase of business.
What is the purpose of a projected income statement?
Purpose of projected income statement to foresee the future of company based on certain assumptions during the planning stage.
Budgeted income statement?
Budgeted income statement is that income statement which is prepared before the actual income statement based on standard measurement and amounts in planning stage to foresee the future of business and which is used for controlling purpose as well.
The purpose of projected income statement?
The basic purpose of projected income statement is to foresee the future position of business based on certain assumptions before the actual transactions occurred.
What is income expenditure?
A statement that records the income and expenditure of an organization such as a charity,whose main purpose is not the generation of profit.
Why expenses debited in the income statement?
All incomes and expenses related to one fiscal year arrives in income statement as it is the sole purpose of income statement to show all expenses and incomes to arrive and net profit or net loss for that period.
What four general-purpose Financial Statements do business enterprises use?
If I remember this correctly these are Statement of Cash Flows Income Statement Statement of Retained Earnings Balance Sheet
What is the purpose of a income statement?
All expenses and incomes related to one specific fiscal year is shown in income statement which ultimately bring down the net profit or net loss for that period.
How do you do Income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
How do you prepare comparative income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What are the two categories of the income statement?
Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
