The purpose of the income statement is to show the:

Related BrainMass Solutions

• Why does the income statement not present the cash inflows a

  The purpose of the income statement is to show the revenue, gross profit, expenses, and net income of the business.

• Financial Statements

  In other words, the purpose is to provide a summary of the revenues and expenses for a fiscal period. 2. What accounts appear on the Income Statement?

• This posting addresses the basics of financial statements.

  The purpose of the income statement is to show if the company made a profit, and how their revenue and expenses compare to the previous accounting period.

• 29) In 2008 a faculty member at a private college received a

  Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show: A. revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets B.

• Financial Statements: Basics and Purposes

  Balance sheet Purpose: To show the economic resources (assets), liabilities and the net (equity) at a point in time. 2. Income Statement Purpose: To show if the revenues of the period exceed the expenses of the period (profit) or not. 3.

• The Purpose of Accounting

  Accounting The primary purpose of accounting is to prepare financial statements that show the performance of a company in a specific period of time, e.g., one year.

• Cash vs. Accrual Accounting and the Importance of Income Statements and Balance Sheets

  A balance sheet is a financial 'snapshot' of an organization's financial health. Its purpose is to show what an organization owns and what it owes at a specific period of time.

• Financial Statements and Reversing Entries

  In other words, the purpose is to provide a summary of the revenues and expenses for a fiscal period. 2. What accounts appear on the Income Statement?

• Income Statement, the Balance Sheet, and the Statement of Cash

  The main purpose of preparation of statement of cash flow is to find out the liquidity position of the company i.e. the ability of the company to pay the obligations out of the sources of cash.