LearningCat: Impact on Financial Statements

Understanding the Income Statement and Its Impact on Financial Statements
The income statement, often called the profit and loss statement, is a key financial document for any business. It summarizes how much money a company brings in (revenues), how much it spends (expenses), and what’s left over (profits) over a specific time period. In India, knowing how income statements affect overall financial reporting is crucial […]
How Accounts Receivables are Classified on the Balance Sheet
Accounts receivable (AR) represents money that is due to a company by its customers for goods or services supplied but still unpaid. An appropriate classification of AR is important for understanding financial reporting. As per the Companies Act (2013), Schedule III offers a format for the demonstration of financial statements, consisting of classification of receivables. […]