Download App

Business Finance and Arithmetic — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipBusiness Finance and Arithmetic3 Marks
Question
What do you understand by income statement? Also give its generic format.
✓

Answer

The statement that enables us to determine the profit over a period of time is known as ‘Profit and Loss Statement or 'Income Statement' or 'Statement of Operations'. Income statement shows items of revenue nature and is generally prepared on accrual concept, which means that revenue and expenses of a particular period will be shown in this statement, whether they have been received/ paid or not.
The generic format of an income statement is given below:
Image Missing.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Business Finance and Arithmetic→Business Finance and Arithmetic — all question types→Entrepreneurship STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Explain the term 'Industry'.
→
What does a mentor do?
→
Measurement is essential to analyse performance of any business. Given below are some She businesses and items being sold/ serviced by them. Write unit of sale in each case.
Business
Items Being Sold/ Serviced
Unit of Sale
Garment shop
T-Shirt
?
Coaching shop
Tuition
?
Textile shop
Fabric
?
Bakar
Cake
?
→
Formal mentoring possesses certain features. State them.
→
Classify enterprise into different categories.
→
Enlist any four expert professional assistance required to start a school.
→
Give examples of problem solution.
→
Marketing research is a function which links the consumers, customers and public to the marketer. How?
→
Write down the features of internal risk.
→
Give the features of place or physical distribution.
→