9. Budget Income Statement

Question 1

income statement

Answer 1

summary of a company’s profit or loss, past results, also known and profit and loss statement

Question 2

budgeted income statement

Answer 2

result of forecasting all the possible income and expenses

Question 3

budgeted income statement shows (2)

Answer 3

1. planned profit/income

2. stands as a benchmark against which company performance can be measure

Question 4

What are income statements used for?

Answer 4

1. track revenues and expenses
2. find out what is over and under budget
3. unexpected expenditures
4. determine income tax liability