Try, try, try, and keep on trying is the rule that must be followed to become an expert in anything. – W. Clement Stone The income statement reports a corporation's net income for the period of time indicated in its heading. The income statement is also known as the statement of income, statement of earnings, statement of operations, profit and loss statement, or P&L.
The historical cost principle means that most of the amounts shown on the income statement reflect a corporation's vast number of actual transactions that were recorded by the accounting system. In addition the income statement will include some adjusting entry amounts entered by the accountant in order to comply with the accrual method of accounting. Revenues Revenues are the amounts earned by a corporation through its main activities such as:
Continue to educate yourself about the accounting profession and how it relates to your business and it's growth. Fontenot & Associates Solutions LLC supports companies with training of new staff and the accounting basics. Start with us here!
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AuthorMy mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions. |