Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when [...]
Answer
cash is received or paid.
If you want to change selection, open original toplevel document below and click on "Move attachment"
Parent (intermediate) annotation
Open it Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid.
Original toplevel document
2. SCOPE OF FINANCIAL STATEMENT ANALYSIS enses incurred to provide those goods and services. In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. <span>Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow.
EXAMPLE 1
Profit versus Cash Flow
Sennett Designs (SD) sells furnit
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
Discussion
Do you want to join discussion? Click here to log in or create user.