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imported>Doug Williamson |
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| ''Accounting - Financial reporting''. | | ''Funds transfer''. |
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| (IS).
| | Real-time transmission, processing or settlement. |
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| A statement that sets out how the net profit or loss for a period is arrived at.
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| Also known as the ''statement of profit or loss'' or ''profit and loss account''.
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| Under the 'double entry' accounting convention, income items in the Income statement are Credits (CR) and expenses are Debits (DR).
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| A net profit for the period under review is a Credit in the Income statement.
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| A net loss for the period is a Debit in the Income statement.
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| Net profits or losses <u>for the period</u> - in the Income statement - feed through in turn to the Shareholders' funds (<u>cumulative</u> retained profits or losses) in the 'bottom half' of the Balance sheet (as <u>at the end of the period</u>).
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| == See also == | | == See also == |
| * [[Accruals concept]] | | * [[Real-time transmission, processing or settlement]] |
| * [[Accrued income]]
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| * [[Balance sheet]]
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| * [[Cashflow statement]]
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| * [[Credit]]
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| * [[Debit]]
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| * [[Deferred income]]
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| * [[Expense]]
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| * [[Financial statements]]
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| * [[Income statement exposure]]
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| * [[Net profit]]
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| * [[Primary statements]]
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| * [[Profit and Loss account]]
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| * [[Statement of changes in equity]]
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| * [[Statement of profit or loss and other comprehensive income]]
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| [[Category:Accounting,_tax_and_regulation]]
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Revision as of 15:25, 20 August 2013
Funds transfer.
Real-time transmission, processing or settlement.
See also
