Income/Expense report

[Mike or Penny Novack]

Derek Atkins wrote:

> Quoting hendrik at topoi.pooq.com:
>
>> Suggesting that calling the "Income Statement" an "Income and Expense
>> Statement" might have saved someone a lot of work.
>
>
> It was originally called the Profit & Loss report.  Then it was
> completely renamed to Income Statement, which confused a lot of people
> (and still does!).   So in 2.3/2.4 the P&L is coming back -- the
> same report will have two different names.
>
> I don't remember who did the work so I can't point my finger anymore.
>
Nobody's fault. By accounting custom, what this report is called depends 
upon the nature of the enterprise for which the books are being kept. So 
there is simply no one right answer that can make everybody happy. For 
the non-profit for which I keep books it's a "Revenue Statement". For 
small businesses usually "Profit and Loss" statement and as already 
mentioned, for larger ones usually just "Income Statement" (though of 
course it might be showing a loss for the period). For personal books 
perhaps "Income and Expenses" makes the most sense.

Michael