Income Statement corresponds to the statement of income and expenses related to organizational activity and profit and loss for a period.
An Accounting period refers to a period of time, such as a year, a month, a quarter, in which the situation of the company in relation to its accounting at that moment will be analyzed.
The Time-period Principle refers to the standard by which a company usually analyzes its financial results, with annual, quarterly and monthly statements being common.
The Matching Principle, on the other hand, refers to recording an expense in the same period of recording the related revenue, to generate greater structuring and reliability in the statements.
What is the purpose of accounting?
It is the registration and organization of a company's financial resources for greater control over assets. Through accounting sciences, a company can recognize its real situation in the market, enabling decision-making more aligned with its objectives, in addition to demonstrating security for stakeholders.
Therefore, accounting is an essential instrument for controlling financial resources, helping a company to be well positioned in the market.
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