ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING :- 28th BLOG       ☆☆☆ACCOUNTING☆☆☆ Hi freinds.,  🙏 Today's discuss 10th to 15th accounting terminologies.....                                 So let's discuss .....   10. INCOME STATEMENT TERMS : The Income Statement AKA Profit and Loss Statement is the second of the two common financial statements. These are the terms that are most commonly used in reference with this reporting tool.                   The Income Statement (often referred to as a Profit and Loss, or P&L) is the financial statement that shows the revenues, expenses, and profits over a given time period. Revenue earned is shown at the top of the report and various costs (expenses) are subtracted from it until all costs are accounted for; the result being Net Income. 11. Cost of Goods Sold (COGS) : Cost of Goods Sold are the expenses that directly relate to the creation of a product or service. Not included in this category are those costs that are needed to run the business. An example