Income Statement - 12 Months
What is Income Statement - 12 Months?
An Income Statement - 12 Months, also known as a profit and loss statement or P&L, is a financial statement that provides a summary of a company's revenues, expenses, and net income over a period of twelve months. It helps to measure the financial performance of a business and provides valuable information for decision-making.
What are the types of Income Statement - 12 Months?
There are two main types of Income Statement - 12 Months: single-step and multi-step. In a single-step income statement, all revenues are listed together and all expenses are listed together, resulting in a single net income value. This type of statement is simpler and easier to understand. On the other hand, a multi-step income statement separates the operating revenues and expenses from non-operating items, allowing for a more detailed analysis of the company's profitability.
How to complete Income Statement - 12 Months
Completing an Income Statement - 12 Months involves the following steps:
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