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.

You can spot creative accounting practices on a company's balance sheet by analyzing its assets, liabilities, and equity. Overstating assets and/or understating liabilities leads to increased net ...