Monthly Archives: December 2022

How to Prepare an Income Statement?

We refer to an income statement as a financial statement that provides insight into a company’s financial performance. The Income statement is mostly referred to as a profit and loss statement but is different from a profit and loss report. It lists the revenues and expenses made by a company during a certain period. An…

What are Liabilities in accounting?

In their original meaning, Liabilities refer to several obligations, in terms of services or monetary compensation, that an entity owes to others. It refers to something that is to be lost by the possessor. In terms of accounting, it refers to a company’s financial obligations that it owes to its investors, business partners, suppliers, and…