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Why is Income statement prepared?
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Answer / suman
to know the profit or loss for a particular accounting
period
| Is This Answer Correct ? | 38 Yes | 4 No |
Answer / irfan khan
income statement is prepared to know the income of the
business, it is a statement which shows income form
operating and non-operating operations and to know PBIT,PBT
AND PAT
| Is This Answer Correct ? | 23 Yes | 2 No |
Answer / rabindra kumar mallick
It is the statement to know about the financial position of
business, wheather it may profitable or loss.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / jitendra
TO KNOW THE PROFIT AND FOR INCOME TAX FILING RETURN
| Is This Answer Correct ? | 7 Yes | 3 No |
Answer / rabindra mallick
It is a very good question for each and every finance
professionals.
The main purpose for preparing Income Statement as described
below...
(01) To know the operating performance for the particular
period.
(02) To analyse the key areas of success and failure for
that particular period accordingly set target.
(03) The income statement also helps as past data for
further Budgeting as well as Budgetary Control.
That End, Thanks
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / rabindra kumar mallick
The only moto is to find out the net result of business
organisation so that it is the statement to find out that.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / kalpana
income statement is prepared to know the excess of income
over expenditure.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / jitendra kumar mishra
Actually income statement is prepared for the purpose of to
know real profit or loss during the accounting period. it
also disclose what comes and what goes out during that
period.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / megha gera ca
for checking the profit.and making the balance sheet
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / rekha bai
The income statement, which is sometimes called the statement of earnings or statement of operations, is prepared first. income statement is prepared to know the income of the business,income statement is a statement which is prepared to find out net income. the income is available to the share holders.
| Is This Answer Correct ? | 0 Yes | 3 No |
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The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
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9 Answers ABC, Accenture, Genpact, Goldman Sachs, JPMorgan Chase, Okaya, Triburg,
Audit 
