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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****
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.
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.
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.
What is the new name for income statement?
The income statement is now often referred to as the "statement of profit or loss." This change reflects a more standardized terminology in financial reporting, aligning with international accounting standards. The new name emphasizes the document's purpose of summarizing a company's revenues, expenses, and net income or loss over a specific period.
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
