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What is statement of profit or loss?
A statement of profit and loss is the business income and expense statement which sumarises the total income and expenses coming to the total profit (or loss) of the business which is the defference between the income and expenses.
What is another name for profit and loss statement?
income statement
What was the income statement previously called?
The Income Statement is also called the P&L (Profit and Loss) Statement.
Where does loss on asset fall in the balance sheet or income statement?
Loss on Asset: It is shown under income statement as a expanse in the year of disposal of asset.
How is a loss of unrealized loss reported on an income statement?
If it is classified as an income security (Trading) then it is reported in the Income Statement under Other Rev and Gains. If it is classified as an equity security (A4S) then it is reported on the income statement within Stockholders Equity Section in other comp income until realized.
What does the Income Statement measure?
Income statement measures the amount of net profit or net loss related to specific fiscal year of business.
What is a trading profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
How income statement affect balancesheet?
Income statement and balance sheet are both related to each other as transactions effect income statement and balance sheet as well and net income or loss from income statement is also part of balance sheet.
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....
Can Net income on an income statement be negative?
Yes net income on income statement can be negative and that amount is called net loss for that specific period or fiscal year.
What is the difference when the revenue is more that the expense section on the income statement?
Net Income (Loss)
