Income statement

Consolidated profit / loss is part of the company’s financial statements which resulted in an accounting period which outlines the elements of company revenues and expenses resulting in net profit or loss.
This is the task of accounting and finance professionals to assess the advantages and disadvantages of the company.They must know what is good and what the results were created from both sides of the business equation. They determine what is the company’s net value. net value is the amount of dollars generated from the company of assets minus liabilities. Other that they should be able to assemble the structure of profit and loss account (income statement) are limited companies, classify the categories of revenues and expenses, including profit and loss, appreciate and profit and loss account of alternative formats, preparing profit and loss. explain the relationship between profit and loss and balance sheet, particularly in reference to the valuation of fixed assets and depreciation, inventory and cost of sales, and debtors and doubtful debt provision.
In a private company, is also known as equity owners, because whatever is left after all bills are paid, to arrive more simple, the property owner. In a publicly held company, this profit is returned to shareholders in the form of dividends. Put differently, all the liabilities of the first claim on any money the company makes. Whatever is left is profit. This isn’t from one element or another. net value is determined after all liabilities are subtracted from its assets, including cash and property.