Difference between revisions of "Income Summary"

Revision as of 11:10, 17 December 2018

Income Summary (hereinafter, the Account) is a temporary account in the ledger that summarizes revenue and expenses and transfers the balance (either net income or net loss) to Owner's Capital. This account does not have a normal balance (i.e., it could have a debit or a credit balance. .

Income Summary. A temporary account in the ledger that summarizes revenue and expenses and transfers the balance (either net income or net loss) to Owner's Capital. This account does not have a normal balance (i.e., it could have a debit or a credit balance.

Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.

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-[[Income Summary]] (alternatively known as [[byby]]; hereinafter, the ''byby'') is .
+[[Income Summary]] (hereinafter, the ''Account'') is a [[temporary account]] in the [[ledger]] that summarizes [[Fiscal Revenue|revenue]] and [[expenses]] and transfers the balance (either [[net income]] or [[net loss]]) to [[Owner's Capital]]. This account does not have a normal balance (i.e., it could have a debit or a credit balance. .
 ==Definitions==
 According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
-:[[Income Summary]].
+:[[Income Summary]]. A [[temporary account]] in the [[ledger]] that summarizes [[Fiscal Revenue|revenue]] and [[expenses]] and transfers the balance (either [[net income]] or [[net loss]]) to [[Owner's Capital]]. This account does not have a normal balance (i.e., it could have a debit or a credit balance.
 ==Related concepts==