Finance
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Boundless Finance
Financial Statements, Taxes, and Cash Flow
Finance Textbooks Boundless Finance Financial Statements, Taxes, and Cash Flow
Finance Textbooks Boundless Finance
Finance Textbooks
Finance

Section 2

The Income Statement

Book Version 3
By Boundless
Boundless Finance
Finance
by Boundless
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4 concepts
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Elements of the Income Statement

The income statement, or profit and loss statement (P&L), reports a company's revenue, expenses, and net income over a period of time.

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Limitations of the Income Statement

Income statements have several limitations stemming from estimation difficulties, reporting error, and fraud.

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Effects of GAAP on the Income Statement

GAAP's assumptions, principles, and constraints can affect income statements through temporary (timing) and permanent differences.

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Noncash Items

Noncash items, such as depreciation and amortization, will affect differences between the income statement and cash flow statement.

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