Mountain View

How to read a profit and loss statement

By: Ramachandran, NContributor(s): Kakani, Ram KumarMaterial type: TextTextPublication details: Chennai McGraw Hill Education 2014Description: 108pISBN: 9789351342991Subject(s): Financial statements | Accounting | BusinessDDC classification: 657.3 Summary: Similar to the earlier edition, various intriguing portions have been dealt with through amusing conversations infused with witty answers relating to P&L Statement. Additionally, the new edition elaborates on certain other equally important sections of the P&L Statement that were not addressed in such detail earlier. This edition answers questions such as: Ø Why is it important to maintain a P&L Statement? Ø What items do we need to consider while preparing this statement and why? Ø What perspective do investors have while analyzing a P&L Statement? Ø Presented in simple language through some short story like examples to set the stage and tone for Ø Theoretical discussions, this edition also includes ample exercises along with answer keys. Introduction 1. The Income Statement—An Introduction What is a Profit and Loss Statement? Importance of Income Statement 2. Accounting Principles Accounting Period Realization Principle Accrual Principle Matching Principle Assets that Become Expenses 3. Measurement of Income Revenue Expenses Classification Different Accounting Period Items 4. Preparation of Income Statement Account Various Types of Profit Form and Contents of Profit and Loss Account · Non-Operating Income/Other Income
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Similar to the earlier edition, various intriguing portions have been dealt with through amusing conversations infused with witty answers relating to P&L Statement. Additionally, the new edition elaborates on certain other equally important sections of the P&L Statement that were not addressed in such detail earlier.

This edition answers questions such as:

Ø Why is it important to maintain a P&L Statement?

Ø What items do we need to consider while preparing this statement and why?

Ø What perspective do investors have while analyzing a P&L Statement?

Ø Presented in simple language through some short story like examples to set the stage and tone for

Ø Theoretical discussions, this edition also includes ample exercises along with answer keys.


Introduction

1. The Income Statement—An Introduction

What is a Profit and Loss Statement?
Importance of Income Statement
2. Accounting Principles

Accounting Period
Realization Principle
Accrual Principle
Matching Principle
Assets that Become Expenses
3. Measurement of Income

Revenue
Expenses
Classification
Different Accounting Period Items
4. Preparation of Income Statement

Account
Various Types of Profit
Form and Contents of Profit and Loss Account
· Non-Operating Income/Other Income

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