Income statement | How to prepare income statement explained |

@maaccountinghub

Important key points;
1. What is an income statement?
2. How to prepare an income statement?
Income statement;
The income statement shows the revenue and expenses of a company for a specific period of time. The revenue is the amount of money that the company earned during that period, and the expenses are the costs associated with running the company, such as salaries and rent.
How to prepare an income statement ;
To prepare your income statement, you'll need to gather data about your company's revenue and expenses. You can track these numbers manually or use a software program to make the process easier. Once you have your data, you can use it to create a report that shows your company's financial performance over time.

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