2a. The income statement records the revenues and expenditures of an organization over a certain time period. As a manager of a human services organization, provide 2 reasons why it is important to monitor and understand the composition of the Income Statement. In your answer, make sure to specify a few important components of the revenues or expenses included in a typical Income Statement.
2b. Does an Income Statement for a non-profit human services organization differ much from for-profit organizations? Explain your response.
USE IN-TEXT CITATIONS TO SUPPORT YOUR RESPONSES. I’VE INCLUDED A REQUIRED READING/REFERENCE LIST FOR THE ASSIGNMENT. UTILIZE THESE AND/OR OTHER EXTERNAL SCHOLARLY RESOURCES.
References
Authors (2019). The four basic financial statements. AccountingTools. Retrieved from: https://www.accountingtools.com/articles/the-four-basic-financial-statements.html
Griffin MP. How to Read and Interpret Financial Statements : A Guide to Understanding What the Numbers Mean to You. Vol Second edition. [Place of publication not identified]: AMA Self-Study; 2015, pages 41-90 only. Retrieved from EBSCO multi-search
Sherman, E. H. (2015). A Manager’s Guide to Financial Analysis: Powerful Tools for Analyzing the Numbers and Making the Best Decisions for Your Business (Vol. Sixth edition). [Place of publication not identified]: AMA Self-Study. Retrieved from EBSCO multi-search (Read pages 19-26 only).
Walther L. (2019). The Four Core Financial Statements. Retrieved from: https://www.principlesofaccounting.com/chapter-1/financial-statements/
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