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Why does the user of an income statement need to know the time period that it covers?
This is so they can check the statement and make sure their pay was correct. They can then call HR and have it fixed if they need to.
What else can I help you with?
Difference between Income statement and 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....
What comes first in the four financial statements?
its the income statement don't know why???
What is a statement of income?
Income statement can help the manager of the to know whether their company in a good condition or not and the income statement also show the net income of the company. The company should use efficiently because it will generate the sales for the company. In the financial statement, there will include all the source of finance that use by the company such as sales, interest expenses and others. If the manager know about the information of the sources of finance that use by the company, it can help them to make the decision whether the company should to make the further investment. If the company are efficient to use all the sources of finance, they can make for the new investment of the company. so, this financial statement help the company to make the decision by giving the information of the revenue and expenses of the company.
What is the difference between an income statement and a balance sheet?
Income statement describes the current year performance while balance sheet describes the overall position of company right from the starting year of business to current year. The Income Statement, also know as a Profit and Loss Statement, details the entity's income and expenses for a specific period of time. The last entry on the statement, or "bottom line," is the entity's net profit or loss for that period. The Balance Sheet is a "snapshot" of the entity's financial condition at a specific point in time. The first section is Assets, or things the entity owns, which includes cash and investment accounts, fixed assets, and receivables, among others. The next section of the Balance Sheet is Liabilities and Equity. Liabilities, or things the entity owes, may include such accounts as vendor payables, payroll taxes due, notes and mortgages. Equity is the book value of the entity, and equals Assets - Liabilities. What accounts are included depends on the business form of the entity. A sole proprietor has Owner Equity; partners have Partner Capital; corporations have Capital Stock and Retained Earnings.
Documents that have to be retained for 6 years within accounts?
This question probably relates to income tax act 1961 India. Any authority on tax laws will be a competent person to answer this question.However, so far I know the documents of income and expenditures on the basis of which income tax returns filed every year by a person is to be retainedfor six years after the date of final assessment is made. But in some cases the income tax authorities do you believe the statement of accounts submitted by a person and put the case under scrutiny query and the period of premiums
Difference between Income statement and 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....
Why does the user of an income statement need to know the time period that it covered?
This is so they can check the statement and make sure their pay was correct. They can then call HR and have it fixed if they need to.
What comes first in the four financial statements?
its the income statement don't know why???
Why an income statement prepared?
An income statement let's the management of the company know how well or how poorly the company performed over the year. The balance sheet is a snapshot at the end of the year that show's how much the company has in assets, liabilities, and in equity.
How much money did Shakespeare make annually?
Unfortunately we do not have his income tax return (they didn't have income tax then) or a financial statement from an accountant so we don't know.
What statement describes the French Revolutionary period?
i don't even know
What is a statement of income?
Income statement can help the manager of the to know whether their company in a good condition or not and the income statement also show the net income of the company. The company should use efficiently because it will generate the sales for the company. In the financial statement, there will include all the source of finance that use by the company such as sales, interest expenses and others. If the manager know about the information of the sources of finance that use by the company, it can help them to make the decision whether the company should to make the further investment. If the company are efficient to use all the sources of finance, they can make for the new investment of the company. so, this financial statement help the company to make the decision by giving the information of the revenue and expenses of the company.
If your income is 245600 per month how much would your income be per weekly pay period?
You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc they will have to withhold from your hourly pay or gross pay for the pay period.
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.
How does net income effect the balance sheet?
Take your gross income (revenues) over the period in question, usually one year, and then subtract all the expenses you had in order to earn that income. This will bring you down to a net income...on the income statement. There is no net income on the balance sheet per se. You net income from the income statement hits the balance sheet when you close out the books for the year. Then it moves over to the retained earnings segment in the balance sheet.
Can someone from abroad take out a dental plan in America for a short period of time?
It is possible to have an insurance for a short period of time that covers dental plans. There are different types of insurances, for example for one month or if you don't know exactly how long you're staying, there is an insurance that you can extend for one day at a time. Also you may qualify for Medicare if your income level is low enough.
What is the difference between an income statement and a balance sheet?
Income statement describes the current year performance while balance sheet describes the overall position of company right from the starting year of business to current year. The Income Statement, also know as a Profit and Loss Statement, details the entity's income and expenses for a specific period of time. The last entry on the statement, or "bottom line," is the entity's net profit or loss for that period. The Balance Sheet is a "snapshot" of the entity's financial condition at a specific point in time. The first section is Assets, or things the entity owns, which includes cash and investment accounts, fixed assets, and receivables, among others. The next section of the Balance Sheet is Liabilities and Equity. Liabilities, or things the entity owes, may include such accounts as vendor payables, payroll taxes due, notes and mortgages. Equity is the book value of the entity, and equals Assets - Liabilities. What accounts are included depends on the business form of the entity. A sole proprietor has Owner Equity; partners have Partner Capital; corporations have Capital Stock and Retained Earnings.
