What is a synonym to income summary? (2024)

What is a synonym to income summary?

Income Statement, Profit and Loss Statement, P&L Statement, Statement of Earnings, Statement of Operations.

What is another term for income statement?

An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a ...

What is the synonym of income?

cash compensation earnings interest livelihood pay proceeds profit revenue royalty salary wage.

What are 2 synonyms for summary?

What is the income summary?

The income summary account is an account that receives all the temporary accounts of a business upon closing them at the end of every accounting period. This means that the value of each account in the income statement is debited from the temporary accounts and then credited as one value to the income summary account.

Which two terms are synonymous with income statement?

A profit and loss statement, also known as a P&L, is synonymous with an income statement. It includes the revenues, costs, and expenses incurred during a fiscal quarter or year or another specified period of the year.

What is another name for the income statement and balance sheet?

The balance sheet demonstrates how all assets, liabilities, and shareholders' equity are accounted for. The income statement, also known as the profit and loss statement, shows where a company's profits and expenses came from and went over the period.

What is another word for income in accounting?

The terms revenue, income, profit, and earnings refer to closely related concepts.

What is another word for income and expenses?

Income and expenses are both "accounts". I'm not sure if that works for you because other things are "accounts" also, like liabilities and capital. If you need a word that INCLUDES both income and expenses, than "accounts" is the most likely word.

What is the synonym of financial?

economic, monetary, fiscal, pecuniary. in the sense of commercial.

What are three synonyms for summarize?

What is a synonym for summery?

balmy. adjectiveas in pleasant, soothing (of weather) clement. fair. fine.

What is a synonym for concise summary?

Some common synonyms of concise are compendious, laconic, pithy, succinct, summary, and terse. While all these words mean "very brief in statement or expression," concise suggests the removal of all that is superfluous or elaborative. When can compendious be used instead of concise?

What is the income summary for net income?

Net income, or net earnings, is the bottom line on a company's income statement. It's calculated by subtracting expenses, interest, and taxes from total revenues. Net income can also refer to an individual's pre-tax earnings after subtracting deductions and taxes from gross income.

Is income summary a profit?

Once these transfers are complete, the balance in the income summary represents the net income (profit) or net loss for the period. This balance is then moved to the retained earnings account on the balance sheet, which helps in maintaining accurate records of the company's cumulative profits or losses over time.

Is the term income synonymous with the term revenue?

Revenue and income are sometimes used interchangeably. However, these two terms do usually mean different things. Revenue is often used to measure the total amount of sales a company from its goods and services. Income is often used to incorporate expenses and report the net proceeds a company has earned.

What is another term on the income statement for profit?

The bottom line of the income statement is net profit, also known as net income or net earnings.

What is the summary of income and expenditure?

An Income and Expenditure Account is the detailed summary of every income and expense incurred by an organization in a specific financial year. Prepared on an accrual basis, this account records every income and expense in a particular year, irrespective of whether they are clear or not.

What are the two basic components of equity?

How many steps are in the business operating cycle?

The operating cycle breaks down into the following parts: lead time, production time, sales time, delivery time, cash collection time.

What are the 3 financial statements?

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.

What is the vocabulary of income?

Income. Money earned or received such as wages or salaries, tips, commissions, contracted pay, government transfer payments, dividends on investments, tax refunds, gifts, and inheritances.

What is a source of income called?

Income sources are the various channels through which individuals or businesses earn money. These may include employment, investments, rental income, and royalties, among others.

What is a synonym for high income?

Synonyms of 'high-income'

lucrative, well-paid, profitable, rewarding.

What is the difference between income and revenue?

Revenue is the total amount of money generated by the sale of goods or services related to the company's primary operations. Income or net income is a company's total earnings after deducting expenses.