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Why is Income statement prepared?
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Answer / suman
to know the profit or loss for a particular accounting
period
| Is This Answer Correct ? | 38 Yes | 4 No |
Answer / irfan khan
income statement is prepared to know the income of the
business, it is a statement which shows income form
operating and non-operating operations and to know PBIT,PBT
AND PAT
| Is This Answer Correct ? | 23 Yes | 2 No |
Answer / rabindra kumar mallick
It is the statement to know about the financial position of
business, wheather it may profitable or loss.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / jitendra
TO KNOW THE PROFIT AND FOR INCOME TAX FILING RETURN
| Is This Answer Correct ? | 7 Yes | 3 No |
Answer / rabindra mallick
It is a very good question for each and every finance
professionals.
The main purpose for preparing Income Statement as described
below...
(01) To know the operating performance for the particular
period.
(02) To analyse the key areas of success and failure for
that particular period accordingly set target.
(03) The income statement also helps as past data for
further Budgeting as well as Budgetary Control.
That End, Thanks
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / rabindra kumar mallick
The only moto is to find out the net result of business
organisation so that it is the statement to find out that.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / kalpana
income statement is prepared to know the excess of income
over expenditure.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / jitendra kumar mishra
Actually income statement is prepared for the purpose of to
know real profit or loss during the accounting period. it
also disclose what comes and what goes out during that
period.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / megha gera ca
for checking the profit.and making the balance sheet
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / rekha bai
The income statement, which is sometimes called the statement of earnings or statement of operations, is prepared first. income statement is prepared to know the income of the business,income statement is a statement which is prepared to find out net income. the income is available to the share holders.
| Is This Answer Correct ? | 0 Yes | 3 No |
I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
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The balance sheet prepared for a
Audit 
