APPLICATION OF FINANCIAL STATEMENT

Application of financial statement



Application of financial statement

Income statement

The income statement, also labeled the statement of operations measures a company's performance a specified period of lime. It is frequently called “profit and loss account” For this reason the statement is titled for a period of time for example, year ending May 27, 2011. (Tshabalala, 2007)The statement is different from the balance sheet because it is a cumulative record of activity for a month, quarter, multiple quarters, or for one year. Creditors, investors, and many others use the income statement as a measuring stick of how a company has ...