Crash Course Income Statement

The income statement is the presentation of the various receipts
and expenditure incurred by the proprietor or the business or
the firm. It includes two sides, particularly credit and debit and
for a simpler word one that is coming and the other that is
going. It is focusing on the cash incoming and outgoing. The
ultimate result of the statement is revenue deficit. The revenue
is the profit or the excess of income over the expenditure. The
deficit is the loss which is the excess of expenditure over the
income. The statement is prepared as per guidelines and
principles reflected in the Accounting Standards issued by ICAI.
Any discrepancy is not at all allowed if they do not represent
the true and fair view of the financial position of the company.
Window dressing performed by the limited company often
results into a very strict action by the authorities which include
central government, high court, and even supreme court.