A public university ordered the 2 vehicles for the use of students and staff. Upon ordering the vehicles the university should  a. Expenditure Account Dr, Account Payable Cr b. Encumbrance Control Account Dr, Budgetary Fund Balance Reserve A/c (BFBR) Cr c. Budgetary Fund Balance Reserve A/c (BFBR) Dr, Encumbrance Control Account Cr, d. None of the options

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.