Income statementThe income statement or profit and loss account is one of the most important financial reports in the organization. It shows the company's net profit or net loss. Unlike the balance sheet which is prepared on a particular day, the income statement is about a given period of time usually a fiscal quarter or [...] Read More

Functions of Financial Accounting The function of Financial Accounting is the process of preparing company's financial statements to show its financial position to customers, suppliers, creditors and investors. Unlike financial Accounting, General '' Management'' Accounting is designed for managers to help them make company's future plans and decisions. Financial Accounting is an administrative tool to [...] Read More