Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Answer:
Profit (or Loss) = Total Income - Total Expenses
Explanation:
Cash accounts deal with transactions that involves cash basis, not accrual basis. Thus there would majorly be cash inflows and cash outflows, which can be referred to as income and expenses respectively.
In calculating the cash account, subtract the sum of all cash outflow (expenses) from the sum of all cash inflow (income).
i.e Profit (or Loss) = Total Income - Total Expenses
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.