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Classificati Income Statement

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    Liban M.
    NL
    Liban M.

    i love it. really benificial, thank u Alison ,i have learned alot

    Maliha H.
    CA
    Maliha H.

    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

    Funmilayo O.
    NG
    Funmilayo O.

    Income statement is a statement that shows the net profit or loss of a company incurred over a specific accounting period.

    Daniel O.
    UG
    Daniel O.

    Refers to a statement showing the financial standing of the business but this time round channel for a specific purpose for instance audit

    Yahaya A.
    GH
    Yahaya A.

    What are income statement accounts?

    M I.
    GB
    M I.

    All income and expense accumulate under the appropriate heading and presented on accrual basis

    Mainimo E.
    CM
    Mainimo E.

    Classified income statement divides both revenues and expenses in to operating and non operating items.It separates administrative expenses and operating expenses.

    Evans Isaac O.
    GH
    Evans Isaac O.

    IS THE INCOME STATEMENT SAME AS THE P&L ACCOUNTS

    Ndumbe Inogi F.
    CM
    Ndumbe Inogi F.

    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?

    Suman D.
    IN
    Suman D.

    Classified Income Statement

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