An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit. What are PL statements? Profit and Loss (...
In the previous chapter, we looked at the liability side of the balance sheet in detail. We will now understand the 2ndhalf of the balance sheet, i.e. the Asset side of the balance sheet. The Asset side shows us all the company’s assets (in different forms) right from its inception....