free excel template daily revenue income and expense

The revenue is the first line on the income statement of a business. Is the income generate through sales of products/services and it is the primary source of income. Let’s explain in easy words with examples.

To further understand the income statement, the reader must know the following general accounting terminologies. The simple format of income statement is re-produced below for my favorite restaurant business. Technically, the income statement is coherent and logically presentation of income and expenses of a business. The simple formula for calculating the income statement is to subtract all the expenditures from the income. The income statement can be prepared for any period including monthly, quarterly, half yearly or annually. In other words, this statement tells story about how much the business has earned over a specific period. The income statement tells story about the operations of a business and indicates how profitable a business has been over a certain period. Some businesses call it income statement in the common, while others call it the “Income and Expenditure Account”. So, the income statement is basically a statement that tells the story about the organization income and expenditure. The explains the Statement as a sentence that tells the reader a fact or idea about a single topic. METHOD OF PREPARATION OF INCOME STATEMENT.

COMMONLY HEAD OF ACCOUNTS IN INCOME STATEMENT.

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Free excel template daily revenue income and expense