accounted, accounting equation and Non-Profits

Understanding the Difference between Income Statement and Balance Sheet

SMBAccountant

JUNE 21, 2023

Income Statement: The income statement, also referred to as the profit and loss (P&L) statement, is a financial report that showcases a company's revenues, cost of goods sold, expenses, and gains and losses over a specific period. It focuses on the company's operational activities during that period and determines its profitability.

Non-Profits

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What Accounts Are Debit and Credit?

xendoo

AUGUST 22, 2022

Most business owners understand that they need to keep track of their income and expenses but many get tripped up when figuring out what accounts are debits and credits. By getting a firm grasp on the concept of debits and credits, you’ll have a leg up when it comes to completing your accounting accurately. What Are Debits and Credits?

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Understanding the Difference between Income Statement and Balance Sheet

What Accounts Are Debit and Credit?

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