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    Crash Course Income Statement
    Crash Course Income Statement
    Crash Course Income Statement
    Ebook31 pages18 minutes

    Crash Course Income Statement

    By IntroBooks Team

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    About this ebook

    The income statement is the presentation of the various receipts
    and expenditure incurred by the proprietor or the business or
    the firm. It includes two sides, particularly credit and debit and
    for a simpler word one that is coming and the other that is
    going. It is focusing on the cash incoming and outgoing. The
    ultimate result of the statement is revenue deficit. The revenue
    is the profit or the excess of income over the expenditure. The
    deficit is the loss which is the excess of expenditure over the
    income. The statement is prepared as per guidelines and
    principles reflected in the Accounting Standards issued by ICAI.
    Any discrepancy is not at all allowed if they do not represent
    the true and fair view of the financial position of the company.
    Window dressing performed by the limited company often
    results into a very strict action by the authorities which include
    central government, high court, and even supreme court.

    LanguageEnglish
    PublisherIntroBooks
    Release dateNov 4, 2019
    ISBN9781393376279

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      Book preview

      Crash Course Income Statement - IntroBooks Team

      Crash Course

      Income Statement

      IntroBooks #454

      readintrobooks.com

      Copyright © 2017 IntroBooks

      All rights reserved.

      PREFACE

      The income statement is the presentation of the various receipts and expenditure incurred by the proprietor or the business or the firm. It includes two sides, particularly credit and debit and for a simpler word one that is coming and the other that is going. It is focusing on the cash incoming and outgoing. The ultimate result of the statement is revenue deficit. The revenue is the profit or the excess of income over the expenditure. The deficit is the loss which is the excess of expenditure over the income. The statement is prepared as per guidelines and principles reflected in the Accounting Standards issued by ICAI. Any discrepancy is not at all allowed if they do not represent the true and fair view of the financial position of the company. Window dressing performed by the limited company often results into a very strict action by the authorities which include central government, high court, and even supreme court.

      SUMMARY

      The income statement is the mirror of the inflow and outflow, a company has observed during the period for which it is prepared. The various aspects of the income statement can be understood only with the help of brief description about the terminology of the entries that are ultimately shaping the income statement of a business. The income statement has two-sides, one is the income and the other is the expenditure sides. The left is always expenditure and right are always the income. The expenditure side has To ahead of every expense mentioned in it. The income side has By ahead of every income mentioned in it. The balance is never carried forward of this statement. The balancing figure is either a profit or a loss.

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