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Sagot :
When an employee works in year 1 but is paid in year 2, the company must recognize an expense in year(s):
- There is no income statement affect in Year 2
- There is no cash flow affect in Year 1
- both an expense and liability are recorded in Year 1
What is income statement?
A company's financial performance over a certain accounting period is reported using three primary financial statements: the balance sheet, the statement of cash flows, and the income statement.
The income statement, which is often referred to as the profit and loss statement (P&L) or the statement of revenue and expense, is primarily concerned with the company's revenue and expenses for a specific time period.
Knowing how to study an income statement is the greatest approach to evaluate a firm and determine whether you should invest.
Learn more about income statement
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