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• A Company&apos;s Profit and Loss or Income Statement is a record of its earnings or losses for a given period. It reflects the amount the Company earned (revenues) and the amount a Company spent (expenses) during this period. It measures the profitability of the Company over a period of time, which is generally a financial year.
• A Company&apos;s Profit and Loss or Income Statement is a record of its earnings or losses for a given period. It reflects the amount the Company earned (revenues) and the amount a Company spent (expenses) during this period. It measures the profitability of the Company over a period of time, which is generally a financial year. In the Income Statement the bottom line refers to the net profit made for the period under consideration and the top line refers to sales income.
• All expenses, losses, incomes and gains are the components of Profit and Loss Account. A profit and loss statement is based on two basic equations:Gross profit = Sales – Cost of Goods Sold Net Profit = Gross Profit – Expenses
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1. 1.  Profit and Loss Statement  Balance Sheet2
2. 2. At the end of this session you will be able to…  Apply the basic concepts of Financial Management to various business practices.  Describe the components of Profit and Loss Statement.  Explicate components of Balance sheet.  Differentiate between Assets and Liabilities.  Analyze the Financial Numbers of the Company based on the provided report.3
3. 3. 4
4. 4. A Companys Profit and Loss or IncomeStatement is a record of its earnings orlosses for a given period.It reflects the amount the Companyearned (revenues) and the amount aCompany spent (expenses) during thisperiod.It measures the profitability of theCompany over a period of time, whichis generally a financial year.5
5. 5. In the Income Statement the Bottom Line refers to the made for the period under consideration and the top line refers to .6
6. 6. All and are the components of Profit and Loss Account. A profit and loss statement is based on two basic equations:7
7. 7. A Typical Profit and Loss Statement would look like- Sales Less: Sales Returns Less: Cost of Goods Sold Gross Profit Less: Administrative Expenses Sales and Advertisement Expenses Earnings before Depreciation Tax and Interest Less: Depreciation Interest Profits before Tax Less: Tax expenses Profit after Tax8
8. 8. 9