Identify the following:
1. It is a statement showing the performance of the enterprise for a given period of time
2. It is determined by the money you get from sales, cost of stock (if you sell product/s) and of course all the expenses you incur
3. These include all overhead and labor expenses associated with the operations of the business
4. It is when expenses exceed the income or total revenue produced for a given period of time.
5. It includes all the costs related to the sale of products in inventory.
1. It is a statement showing the performance of the enterprise for a given period of time
2. It is determined by the money you get from sales, cost of stock (if you sell product/s) and of course all the expenses you incur
3. These include all overhead and labor expenses associated with the operations of the business
4. It is when expenses exceed the income or total revenue produced for a given period of time.
5. It includes all the costs related to the sale of products in inventory.
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Answer:
1.Net income (the “bottom line”) is the result after all revenues and expenses have been accounted for. The income statement reflects a company's performance over a period of time. This is in contrast to the balance sheet, which represents a single moment in time
2.Companies will often list on their balance sheets cost of goods sold (COGS) or cost of sales (and sometimes both), leading to confusion about what the two terms mean. Fundamentally, there is almost no difference between cost of goods sold and cost of sales. In accounting, the two terms are often used interchangeably.
3. A financial document generated monthly and/or annually that reports the earnings of a company by stating all relevant revenues (or gross income) and expenses in order to calculate net income. Also referred to as a profit and loss statement.
4.A net loss is when expenses exceed the income or total revenue produced for a given period of time. It is sometimes called a net operating loss (NOL).
5.The cost of inventory includes the cost of purchased merchandise, less discounts that are taken, plus any duties and transportation costs paid by the purchaser.
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