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SUMMARY of ACCOUNT Form

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hey there I'm James you're watching Accounting Stuff and in this mini-series i'll show you how to make financial statements with an example financial statements are accounting reports that summarize a business's activities over a period of time there are three main ones that you should know about they're called the income statement the balance sheet and the cash flow statement in this video i'll show you how to make an income statement we'll cover the other two next on this channel so if you'd like to watch those then consider subscribing the income statement is a financial report that summarizes a businesses revenues and expenses over a period of time it works like this if you take a business's revenue and subtract its expenses then you're left with a profit or a loss that's why it's sometimes called the profit and loss statement or the P&L but we'll call this

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