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Objective of income statement. The purpose of the income statement is to show the reader how much profit or loss an organization generated during a reporting period. General Purpose Financial Statements. It determines the profit earned or loss sustained by the business enterprise during a period of time.
Purpose of the Income Statement The purpose of the income statement is to provide the financial earnings performance of the entity over a specific period of time. However there are different kinds of financial statements for different purposes. The income statement is one of three statements.
Which of the following is the primary objective of an income statement. Contrast hospitality industry income statements with those of manufacturers and merchandisers. The following statements relate to the objective of financial statements except a.
Definition of the Income Statement. This information is more valuable when income statements from several consecutive periods are grouped together so that trends in the different revenue and expense line items can be viewed. Conclusion Purpose of Income Statement An income statement is an important indicator of a companys financial health.
Income statement is another term used for Trading and Profit Loss Account. In large business organization usually one account ie Trading and Profit Loss Account is prepared for knowing gross profit operating profit and net profit. The basic objective of the income statement is to describe the income achieved by the reporting entity during a specific accounting period.
Providing managers with detailed information about where the enterprise stands at a specific date. Income Statement depicts the financial performance as profit or loss made by the business entity at the year endIt is the responsibility of the management or board of directors to prepare the Income Statements as per the relevant account standards. Understand the contents of the income statement of a public company in the hospitality industry.
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