Posting Income Statement Profit and Loss
In This Chapter
Discovering the difference in preparation
Evaluating and using the income statement
Looking at the differences between income statement sections
Classifying special income statement items
Working with unusual income statement accounts
Preparing an income statement
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 ...