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Q. Explain about income statement?
The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period of time. In accounting we calculate profitability for a period such like a month or year by comparing the revenues earned with the expenses incurred to produce these revenues. Revenues are the inflows of assets such like cash resulting from the sale of products or the rendering of services to customers. We compute revenues by the prices agreed on in the exchanges in which a business delivers goods or renders services. Expenses are the costs acquired to produce revenues. Expenses are calculated by the assets surrendered or consumed in serving customers. If the revenues of a period go beyond the expenses of the same period, net income results therefore
Net income = Revenues - Expenses
Net income is habitually called the earnings of the company. When expenses go beyond revenues, the business has a net loss and it has managed unprofitably.
This corporation carry out courier delivery services of documents and packages in San Diego in the state of California USA.
RATIO ANALYSIS
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
what are the implications of applying accounting concepts wrongly
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
nWhat is the implication of applying accounting concepts wrongly.imum 100 words accepted#
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
Limitations of Ratio Analysis : In spite of the a variety of uses of ratio analysis, it go through from certain limitations, some of which are as under; 1. Limited use
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
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