Financial Statements

Definition: The single-step income statement is the format used to prepare an income statement where revenues, expenses, and net income are presented into a single subtotal. For example, the revenue section records all types of revenues no matter those revenues are from the operation or non-operation. For example, interest income, revaluation gain, or gain on […]

Overview: Depreciation and amortization expenses are the expenses records in the income statement over the period due to charging on the uses of tangible and intangible non-current assets based on the depreciation method under the company accounting policies. The depreciation methods of the tangible and intangible assets are really depending on the types of assets,

Overview: In the income statement, net sales or total sales revenues are the same things. Net sales during the period are the gross sales after deducting sales return and sales discount that entity made to customers during the period. The total net sales value during the period usually is present in the income statement, and