Net income & net loss
Net income results when revenues exceed expenses. A net loss occurs when expenses exceed revenues.
Category: Accounting & Auditing
Previous: ← Owner’s equity statement
Next: Bookkeeping →
More from this Section
- Dividends in arrears
When preferred stock, is cumulative, preferred dividends not declared in a given period ... - Trademark /Trade names
A trademark or trade name is a word, phrase, jingle, or symbol that identifies a particular ... - Honor of notes receivable
A note is honored when its maker pays it in full at its maturity date. For an interest ... - Unpaid expenses
Expenses incurred during the year but for which payment has not been made and will have ... - Allowance method
The allowance method of accounting for bad debts involves estimating uncollectible accounts ...