Category: Financial Statements

We have already discussed in detail that income statement is the first report in financial statements preparation . its main purpose is to find out the accurate net income or net loss at the end of accounting period. A single step income statement is Read More …

Income statement also known as profit and loss statement is a financial report shows the income earned and expenses incurred in generating the income in particular time period.  It is prepared usually at the end of the year. However, it Read More …