The income statement is the most common financial statement and shows a company's revenues and total expenses, including noncash accounting, such as depreciation over a period of time. A cash flow ...

Although the basics of an income statement are the same from business to business, there are notable differences between services, merchandisers, and manufacturers when it comes to the accounting ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

However, they are presented on the company's balance sheet and the expenses that they represent are on the income statement. Accounts payable are a liability. More specifically, they are ...