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Intermediate Accounting For Dummies by Maire Loughran

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Chapter 5

Posting Income Statement Profit and Loss

In This Chapter

arrow Discovering the difference in preparation

arrow Evaluating and using the income statement

arrow Looking at the differences between income statement sections

arrow Classifying special income statement items

arrow Working with unusual income statement accounts

arrow Preparing an income statement

arrow Staying user-friendly by condensing

The bottom line for most companies when it comes to accounting comes down to two factors: How much did we earn and how much did we spend? When you prepare an income statement, you’re putting in black and white what the company’s revenue and expenses were during an accounting period. The final accounting of these revenue and expense items lets you know whether a company made a profit or lost money.

In this chapter, I walk ...

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