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The income statement is a results-oriented report showing the net income or loss over a specified period.
The purpose of an income and expenditure statement. The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. The purpose of the income statement is to show the reader how much profit or loss an organization generated during a reporting period. For instance the year-end income statements are useful to the following end-users.
An income and expenditure statement is a type of financial document designed to identify all forms of income that is received within a given period while also documenting all payments or expenditures that were related to that same period. As mentioned above the income statement is available quarterly as well as yearly. What is the Purpose of the Income Statement.
Investors use this statement along with other financial statements to determine if a business is a good investment. Income and expenditures are the foundation of any business. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses.
An income and expenditure statement is designed to identify all forms of income and expenses within a given period of time. The income statement comes in two forms multi-step and single-step. The purpose of the income statement is to provide the financial earnings performance of the entity over a specific period of time.
First let us discuss the usefulness of income statements for external users. The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. The purpose of the income statement is to show the reader how much profit or loss an organization generated during a reporting period.
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. In effect this is saying that expenditure should not exceed income or budget allocated. It is always important to have a clear picture of financial plans both income and expenditure.
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