[gnucash] Which Report?

[Mike or Penny Novack]

Adam Funk wrote:

>I'm under the impression (although it's been quite a while since I've
>had anything to do with accounting) that "Profit and Loss Statement"
>is the usual accounting term.  Is that still the case?
>
>Out of curiosity, why was it renamed to "Income Statement"?
>
>  
>
Well --- I would at least like some CHOICE in the matter. Whether this 
report is called a "Profit and Loss Statement" or an "Income Statement" 
depends upon the nature of the organization for which the accounting is 
being done.

Was one of my pet peeves with Intuit's "QuickBooks Pro NON-PROFIT 
edition" (when doing the books for a non-profit, this report has a title 
such as "Income-Expense Statement" ----- it's called "Profit & Loss" 
when reporting "for profit" organizations). And yes of course, your 
standard Accounting 101 would call it "Profit & Loss" under the 
assumption that MOST of the students would be ending up in the "for 
profit" sector.

Michael D Novack, FLMI