What accounts go on the income statement?
Understand the Problem
The question is asking about the types of accounts that are included in an income statement. Typically, this involves understanding revenues, expenses, and possibly gains and losses that contribute to a company's net income or loss during a specific period.
Answer
Revenue, expenses, net income, cost of sales, sales, general and administrative expenses, other operating expenses, non-operating income and expenses, gains and losses, non-recurring items, and EPS.
The final answer includes revenue, expenses, net income, cost of sales, sales, general and administrative expenses, other operating expenses, non-operating income and expenses, gains and losses, non-recurring items, and EPS.
Answer for screen readers
The final answer includes revenue, expenses, net income, cost of sales, sales, general and administrative expenses, other operating expenses, non-operating income and expenses, gains and losses, non-recurring items, and EPS.
More Information
The income statement is one of the four key financial statements and provides a detailed overview of a company's financial performance over a specific period. It helps stakeholders understand the company's profitability and operational efficiency.
Sources
- Understanding Income Statements - CFA Institute - cfainstitute.org
- Income Statement - Definition, Explanation and Examples - Corporate Finance Institute - corporatefinanceinstitute.com
- What Goes on a Business Income Statement - Indeed.com - indeed.com
