Income And Expense Statement Quizlet

Learn vocabulary terms and more with flashcards games and other study tools.

Income and expense statement quizlet. What is an income statement. Play this game to review business. All income statements have a heading that display s the company name title of the statement and the time period of the report. Income and expense statement.

Start studying personal finance income and expense statement. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Which amount should be recorded as income in his income and expense statement. Income and expense statement.

Expense gross income income income and expense statement insurance mortgage net gain net income net loss savings. An income statement is a financial statement that shows you how profitable your business was over a given reporting period. Terms in this set 10 expense. The revenues and expenses on an income statement report the financial impact of activities in just the current period whereas item on a balance sheet will continue to have a financial impact beyond the end of the current period.

Also sometimes called a net income statement or a statement of earnings the income statement is one of the three most important financial statements in financial accounting. Start studying income and expense statement. An individual s income earned as salary or wages before taxes and deductions. For example an annual income statement issued by paul s guitar shop inc.

Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Would have the following heading. It shows your revenue minus your expenses and losses. According to rory s paycheck last week he earned 800 last month but before taxes and other deductions were taken out he earned 1 050.