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Hide Advanced Field from the 12 Month Income Statement

Hide Advanced Field from the 12 Month Income Statement

Aug 6th, 2022

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How to Hide Advanced Field from the 12 Month Income Statement

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In this video, James discusses the income statement, also known as the profit and loss statement (P&L), which is one of the three major financial statements in accounting, alongside the balance sheet and cash flow statement. He explains that these financial reports collectively provide an understanding of a business's financial health. James notes that he has previously covered the balance sheet and cash flow statement in earlier videos and appreciates requests from viewers for this income statement tutorial, dedicating it to a subscriber named Nili. The video aims to demonstrate how to read and utilize the income statement to measure a business's financial performance.

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Where do unusual items go on the income statement?

Unusual gains or losses may be recorded on the income statement as a separate component of income from continuing operations, or alternatively, may be identified in the footnotes to the financial statements or the management discussion and analysis (MDA) section of the annual report.

Where to show income received in advance in statement of financial position?

The Journal entry to record income received in advance is: The Income Received in Advance A/c appears on the liabilities side of the Balance Sheet. While preparing the Trading and Profit and Loss A/c we need to deduct the amount of income received in advance from that particular income.

Which item would not be found on an income statement?

Answer and Explanation: (b) Dividends would not be found on an income statement. An income statement shows all the revenues and expenses of a company for a period of time, typically for a year.

What is a 12 month income statement?

Trailing 12 months (TTM) is the term for the data from the past 12 consecutive months used for reporting financial figures. A companys trailing 12 months represents its financial performance for a 12-month period; it does not typically represent a fiscal-year ending period.

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