ACCOUNTING Chapter Notes -Income Statement, Fixed Income, Earnings Before Interest And Taxes

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This provides information on how to understand the personal income statement. A personal income statement represents the money that you earn versus the money that you spend. It is similar to a business income statement in that sense. What di ers between the two is the format. Business income statements are divided into several di erent sections in order to show gross income, Personal income statements are just divided into income and. Creating a personal income statement is important as this will help you evaluate your spending habits. It tells you what items you spend on the most during a given period. It can also tell you if you are spending more money than you make. How do i create a personal income statement: collect your nancial documents - you will need to collect as much information as you can about the money that you receive, and the money that you spend. This is where you enter your monthly salary.

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