Income And Expense Statement Example. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non-operating activities. An income statement by function is the one in which expenses are disclosed according to their functions such are cost of goods sold, selling expenses, administrative expenses, other expenses/losses etc.
Now that you're familiar with management accounting, let's look at an example of an income statement prepared according to GAAP, with significant subtotals, irregular items and EPS.
The income statement format above is a basic one - what is known as a "single-step" income statement (meaning, just one category of income and one category of expenses) and prepared specifically for a service business.
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Personal Income Statement, September 2008 (Net Income: $7,473)
It is another example of a unique financial template. Income statement provides a summary of all the revenues and the expenses over the time period in order to ascertain the profit or loss of the company and the example of which includes income statement prepared by a company XYZ Ltd. Expenses involved in primary activities are expenses that are incurred in order to earn normal operating revenues.
