Although your income statement is fixed and shows what is actually occurring in your business, your budget is a forecast that you can change.
A profit and loss budget is a plan. It serves as a guide that sets spending limits for various future expenses. It also sets sales targets to generate enough revenues to support expenditures for the given time period. The income statement is a report that gives a summary of business transactions and results.
Answers & Comments
Answer:
Although your income statement is fixed and shows what is actually occurring in your business, your budget is a forecast that you can change.
Answer:
Although your income statement is fixed and shows what is actually occurring in your business, your budget is a forecast that you can change.
A profit and loss budget is a plan. It serves as a guide that sets spending limits for various future expenses. It also sets sales targets to generate enough revenues to support expenditures for the given time period. The income statement is a report that gives a summary of business transactions and results.
Explanation:
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