What is an Income Statement?
Income statement or P/L statement is a financial statement that summarizes the revenue, expenses and the profit/loss generated by a business over a period of time. For example, you can write an income statement for a period from 01.04.2022 to 31.03.2023 or from 01.01.2022 to 31.03.2022. Generally, an income statement is prepared for an accounting period
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Cracking the code of the Income Statement
It consists of three main categories:
- Sales or revenue during a given time period. It includes sales (revenue) and Earnings-per-share (EPS)
- Costs and expenses: “Above the line” are the cost of goods sold (COGS), cost of services (COS). “Below t...
How do I quit my job and be a freelancer?
First, ensure that your freelance writing business has the right systems and is producing enough revenue to support the lifestyle you desire.
Consider choosing a niche, building an impressive writing portfolio and securing client retainers for stable income. Also, be sure ...
Definition of a budget
A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.
Budgets can be made for a person, a group, a business, a government, or anything else that makes and spends money.
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