| Small business accounting software reviews | | | | reflected in the profit earned by it. Thus, the |
| mainly focus on contents of profit and loss | | | | income statement/profit and loss account of a |
| account. It is also known by several other titles | | | | firm reports the results of operations in terms of |
| such as income statement, statement of | | | | income/net profit in a year. The profit and loss |
| earnings, statement of operations and profit and | | | | account can be presented broadly in two forms: |
| loss statement. While the balance sheet, as a | | | | the usual account form and step form.In |
| stock/position statement, reveals the financial | | | | operational terms, the accounting report that |
| condition of a business at a particular point of | | | | summarizes the revenue items, the expense |
| time, the profit and loss account portrays, as a | | | | items and the difference between them (net |
| flow statement, the operations over/during a | | | | income) for an accounting period is called the |
| particular period of time. The period of time is an | | | | income statement. There are three contents of |
| accounting period.Since the purpose of every | | | | the profit and loss account: revenues, expenses |
| business firm is to earn profit, the operations of a | | | | and net income/profit/loss. |
| firm in a given period of time will truly be | | | | |