ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 36th BLOG             ☆☆ACCOUNTING☆☆ ★ Accounting exercise and practices :   Lesson : 2 Hi friends 🙏 Today's discuss lesson of Income statement📑....                                                    So let's discuss ....                     ★ THE INCOME STATEMENT★ * Definition :   The income statement summarizes all revenue earned and expenses incurred during a specified accounting period, and shows the net income (or net loss) earned over that period. Unlike the balance sheet, which reflects a static position at a "point-in-time", the income statement reflects all all transactions which have occurred during the "Financial year". * Importance of income statement : As Income statement is prepared so that an organization can determine it's net income. To determine net income, an organization must measure 📏 for a specified period of time (1) the revenue received (or accrued) for goods and services provided to it's clients and

ALL ABOUT ACCOUNTING : 35th BLOG                                                             ☆☆ACCOUNTING☆☆   Hi 🙋 friend's., Today's discuss remaining part of balance sheet 📑                                                        So let's discuss .....                                                                                         ★ THE BALANCE SHEET ★ ☆ General format of a Balance sheet :                                                                                 [ FIRM NAME]                                                                                                                                              BALANCE SHEET                                                                                    AS ON [DATE]                                                                            LIABILITIES :                                                                                                    ASSETS :