Income statement accounts are temporary accounts recorded by businesses on their income statement, and are used to calculate net income at the end of each accounting period. Income statement items or ...

Inventory consists of the products you sell to customers. Receivables, or accounts receivable, are the outstanding balances you have yet to collect for sales made on credit. Although inventory and ...

A company's income statement shows how much money it brought in as revenue or sales, how much it spent on expenses, and how much profit or loss -- also called net income -- was generated for a given ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. The company's final tax bill may be slightly more or less than the ...

Net income and free cash flow are related but are not the same measure. Net income represents a company's accounting profit, whereas cash flow presents whether a company's cash balance increased or ...

What Is a Chart of Accounts? How It Works and Examples Your email has been sent A chart of accounts organizes and categorizes financial transactions. This guide explains how a chart of accounts works ...