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The Profit & Loss Statement Explained

Last week I reviewed the workings of a balance sheet and showed you how you can use it to make better decisions for your business. This week, I would like to do a similar post about profit and loss statements. This will bring this series on charts of accounts and associated reports to a close.

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Chart of Accounts Explained Part 2

This is part 2 of a two-part blog which will give you an in-depth explanation about the working parts of a chart of accounts. Revisiting, from part 1 of this blog, the chart of accounts is simply a list of all of the account types you might use when recording your business income and expenditure activities. The “account types” include assets, liabilities, equity, income, expenses, other income and other expenses. In part 1 we covered off assets, liabilities and equity which are accounts used to formulate the balance sheet report. In part 2 we will look at the remainder of the account types within the chart of accounts.

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