Crash Course Income Statement
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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.
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Crash Course Income Statement - IntroBooks Team
Crash Course
Income Statement
IntroBooks #454
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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.