Interested to Buy Any Domain ? << Click Here >> for more details...
Why Accountants have to or must prepare INCOME STATMENT in
two stages Gross Profit And Net Profit
- 2 Answers
- 5146 Views
- I also Faced
- E-Mail Answers
Answer Posted / sankeerthana
To know axactly the result of the venture we had undertaken
we prepare Trading account to know the gross result. With
that we can know the result and can take adecission whether
to continue the venture or not and also to take such steps
to improve the afforts to reach the targeted result if it
is not showing the expected one.With the profit an loss
account we can know the exact net result after meeting all
the relevant expenditure
sankeerthana
www.therealaccountants.com
| Is This Answer Correct ? | 5 Yes | 0 No |
Post New Answer View All Answers
what is service tax & excise? How will it be charged?
When you prepare Profit and loss A/C either you will get profit or loss but not both.Then why we are saying it as profit AND loss A/C,why cannot we say it is as Profit OR loss account?
What is tally accounting?
Who created snapit accounting?
Dillution effect on EPS
Does anybody know anything about BirlaSoft? I got a job offer, they sent me a contract to sign and return, but thank God they didn't ask for any money! But, they said they would send me a check in the mail. And as my first "task" I would have to use that check to order a bunch of accounting software, and I would need to purchase this software ONLY from the vendors that THEY provide. Is this a scam to just get money? I'm wondering if they "own" the vendor they "work" with and launder money that way. I asked the person who was getting my information, as far as my name and address to send the check to, Why would I have to buy software to install in my home computer anyway? Couldn't they just send me a link for the software to download? I'm afraid of the check being fake. Because, if I deposit the check into my checking account and it turns out to be fake, then I'll owe the bank all that money! Hope to hear from someone soon. Thanks.
what is opening stock formula?
how to pass provision salary full and settlement(inclusive Bonus,Gratutity etc )please show me entry
Tell me what is the equation for acid-test ratio in accounting?
What is the difference between inactive accounts and dormant account?
Financial Accounting
My company was granted a bank facility of 750,000 for guarantee, performance bond, advance payment, retention guarantee and 100,000 bank overdraft. These facility amount was never added to the company account. a. What is the entry? b. Lien over fixed deposit for 50,000 to be brought upfront c. Lien over gradual buildup for fixed deposit 50,000 by transferring 10,000 monthly from customer's account to separate call account. d. After a month, we had an overdraft of 22,000. What will be my entry? e. After 3 months, we have a construction project and was asked for advance payment of 24,000 with a 25% margin? f. Another company asked for performance bond of 44,200 with 25% margin.
What is the entry for provision?
service tax calculated on agreement value or market value whichver is higher for builders?
Explain me fair value accounting?
