Hi, welcome to this quick guide into the income statement. So, what is the income statement? The income statement, also known as the profit and loss statement, is one of the four main financial statements. The other three are the balance sheet, the cash flow statement, and the statement of changes in equity. Today's tutorial will focus specifically on the income statement. The income statement is like a video of an organization's financial ance. It provides a set of measurements across a specific time period or accounting period. For example, you can have an income statement from January 1st, 2016, to December 31st, 2016. In contrast, the balance sheet represents a snapshot in time, showing the financial position of the organization on a specific date. The income statement starts with the income accounts and their respective totals, followed by the expense accounts and their totals. It ends with the net income result, which is the difference between income and expenses. Here's a simple example: Income: - Account A: $100,000 Expenses: - General expenses: $70,000 Net income: $30,000 Income represents the total revenue generated by the business, while expenses represent the costs incurred. The difference between the two is the net income, which reflects the profitability of the business. Now, let's simplify the definition of income. According to the International Accounting Standards Board (IASB) conceptual framework, income is defined as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, excluding contributions from participants. In simpler terms, income refers to the inflows of money that result in increased assets or decreased liabilities, improving the net worth or equity of the business. Income can be further broken down into two major categories: revenue and gains. Revenue is the income earned from the ordinary...
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profit and loss satement Form: What You Should Know
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