What is the income statement for private schools?
income list aims to provide business owners and factories with information that helps predict and measure the strength of school revenues, in addition to providing information that helps exploit school resources, to achieve goals.
income list In private schools is contains all account balances, which is one of the financial lists aside for financial list center, and cash flows list , it helps preparation of school financial performance reports, It's called within school accounting system as a profit-loss list, income list aims to provide business owners and factories with information that helps predict and measure the strength of school revenues, in addition to providing information that helps exploit school resources, to achieve goals, which is to increase profits, and facilitate task of school in planning, control and distribution of profits, and enabling administrators to analyze and evaluate alternatives to invest in various projects.
Income list items:
What are the components of the income list?
School revenues: Cash flows from school's activity through sales are the main element to which the main indicators of the school's success are addressed.
Operating expenses: These are the expenses incurred by the school in order to obtain revenues, and divided into expenses incurred by school in order to obtain revenues, and are divided into administrative and general expenses such as salaries, wages, electricity bills, water, maintenance, advertising expenses and sales expenses.
Income list items:
Net sales: It is a net sale achieved by school discount from deducted and returns and is essential to success of the financial list in addition to the disclosure of who came out of the capital fund
Expenses: It is general operational performance of school, and value of item can be reached by subtracting expenses
- Operating of total profits
- Income from major operations
-Income and other expenses
- Income from continuing operations
- Ended operations
Types of income list:
Simple menu: It includes both revenues and profits, and is arranged for material importance such as the cost of sales, the charges, income tax and finally total expenses and eventually produces net income
Multi-stage income list: It is most commonly used method, which is used to look at nature of the expense is it part of the nature of the cost of sales and the distinction between revenues resulting from the main activity of the enterprise and other incidental expenses resulting from certain financial political conditions for school
The importance of the income list for private schools
- income list helps school officials and administrators make some important decisions that develop school and get profits.
- Its importance lies in separating operational performance of school from rest of the other departments.
- Introduce the owners of the school to the investment results.
- Helps facilitate the management's mission in planning, controlling and distributing profits.
- Facilitate task of creditors in controlling the safety of the school's conditions and ensuring its funds.
Comprehensive income list
The comprehensive income list includes net profit for the year, differences between currency translation and surplus revaluation of unrealized profits from financial assets, in addition to the total income distributed among the shareholders of the parent company and non-controlling property rights, and the main purpose is to evaluate assets and obligations at fair value on the date of preparation and application of financial statements, resulting in unrealized losses or gains.
Income list properties
1- Financial statements are clear because they provide information about financial operations based on their realistic content
2- Financial statements provide the possibility of providing assistance to make some decisions in school
3- Determine the direction of the financial center and evaluate the performance
Providing the veracity of information from financial statements
5- Help integrate information
Through private school management edu Step Up, you can see from the income list the income offer during a period to determine the school's financial position, Order it now.