i love it. really benificial, thank u Alison ,i have learned alot
Unclassified income statement: or single has two categories-revenues and expenses Classified income statement: divides both revenue and expenses into operating and non- operating items Sales return: retune by buyers Sales allowance: deduction from the original sales prices when return by buyers for any reasons
Income statement is a statement that shows the net profit or loss of a company incurred over a specific accounting period.
Refers to a statement showing the financial standing of the business but this time round channel for a specific purpose for instance audit
What are income statement accounts?
All income and expense accumulate under the appropriate heading and presented on accrual basis
Classified income statement divides both revenues and expenses in to operating and non operating items.It separates administrative expenses and operating expenses.
IS THE INCOME STATEMENT SAME AS THE P&L ACCOUNTS
When assets increase you debit, when they reduce you credit. When liabilities increase you credit and when they reduce you debit. But when making entries for transportation freight collect, cash which is an asset reduces and the corresponding entry is a debit. Why?
Classified Income Statement