BUSINESS ADMINISTRATION
OFFICE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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balance sheet
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income statement
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budget
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none of the above
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Detailed explanation-1: -An income statement is a financial statement that shows you the company’s income and expenditures.
Detailed explanation-2: -The Income (Profit and Loss) Statement, commonly referred to as the P&L statement, summarizes the revenue and expenses for a specific time period (one month, one quarter, one year, etc.) The Projected Income Statement is a snapshot of your forecasted sales, cost of sales, and expenses.
Detailed explanation-3: -A balance sheet is a financial document that gives a summary of your business’s financial position on a specific day. Balance sheet forecasts, or pro forma balance sheets, are used to project how your company will manage its assets in the future.
Detailed explanation-4: -An income statement is a report that shows how much revenue a company earned over a specific time period (usually for a year or some portion of a year). An income statement also shows the costs and expenses associated with earning that revenue.
Detailed explanation-5: -The three types of budgets are a surplus budget, a balanced budget, and a deficit budget. The state budget is a financial document including income and expenditure for the year. An income-and expense-based spending plan is referred to as a budget.