Explore topic-wise InterviewSolutions in Accounts and Finance.

INFO: Full form for OSD is Overages, Shortages, and Damages in Accounts and Finance category
OSD also has other full forms in other categories mentioned below.

INFO: Full form for TFT is Tax Free Threshold in Accounts and Finance category
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INFO: Full form for LASER is Loans and Savings Earn Rewards in Accounts and Finance category
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INFO: Full form for RC is Rate Change in Accounts and Finance category
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INFO: Full form for RC is Reduced Cost in Accounts and Finance category
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INFO: Full form for MCP is Monthly Capitation Payment in Accounts and Finance category
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An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.

It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported.

An income statement represents a period of time (as does the cash flow statement). This contrasts with the balance sheet, which represents a single moment in time.

Charitable organizations that are required to publish financial statements do not produce an income statement. Instead, they produce a similar statement that reflects funding sources compared against program expenses, administrative costs, and other operating commitments. This statement is commonly referred to as the statement of activities. Revenues and expenses are further categorized in the statement of activities by the donor restrictions on the funds received and expended.

The income statement can be prepared in one of two methods. The Single Step income statement totals revenues and subtracts expenses to find the bottom line. The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses. Then when deducted from the gross profit, yields income from operations.

Adding to income from operations is the difference of other revenues and other expenses. When combined with income from operations, this yields income before taxes. The final step is to deduct taxes, which finally produces the net income for the period measured.

INFO: Full form for OPB is Outstanding Principal Balance in Accounts and Finance category
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INFO: Full form for IPC is Information Product Cash in Accounts and Finance category
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INFO: Full form for IPC is Insolvency Practices Council in Accounts and Finance category
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INFO: Full form for IPC is Interim Payment Certificate in Accounts and Finance category
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INFO: Full form for CSR is Cash Status Report in Accounts and Finance category
CSR also has other full forms in other categories mentioned below.

A spending review or occasionally comprehensive spending review is a governmental process in the United Kingdom carried out by HM Treasury to set firm expenditure limits and, through public service agreements, define the key improvements that the public can expect from these resources.

Spending reviews typically focus upon one or several aspects of public spending while comprehensive spending reviews focus upon each government department's spending requirements from a zero base (i.e. without reference to past plans or, initially, current expenditure). The latter are named after the year in which they are announced – thus CSR07 (completed in October 2007) applies to financial years 2008–2011.

Other developed countries have similar review processes, e.g. Canada, New Zealand, The Netherlands, Italy, Ireland, and France. France conducted its first comprehensive spending review (called in French "la Revue Générale des Politiques Publiques") in 2008. The Netherlands have been carrying out spending reviews since 1981.

The next spending review was announced on 21 October 2020 and will take place on 25 November 2020. In contrast to previous years this review will cover a one-year period.