Accounting / July 19, 2018 / Collins Barber
Comparing transactions and balances is important because it avoids overdrafts on cash accounts, catches fraudulent or overcharged credit card transactions, explains timing differences, and highlights other negative activity such as stolen or incorrectly recorded income and expense entries.
An income statement is a financial statement that reports a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period.
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