Accounting financial accounting. The concept and composition of an organization’s income, their accounting accounts (the most important)

Lecture notes, cheat sheets
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Accounting financial accounting. The concept and composition of an organization’s income, their accounting accounts (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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65. CONCEPT AND COMPOSITION OF INCOME OF THE ORGANIZATION, ACCOUNTS OF THEIR ACCOUNTING

The concepts and composition of the organization's income are different in accounting and taxation. Below are the definitions and grouping of income.

To determine the income and financial results from the ordinary activities of the organization is intended account 90. Subaccount 90-1 "Revenue" takes into account receipts of assets recognized as revenue, subaccount 90-2 "Cost of sales"

Cost of sales for which revenue is recognized in subaccount 90-1. Subaccount 90-9 “Profit (loss) from sales” is intended to identify the financial result from sales for the reporting month. Income other than income from ordinary activities is considered other income, which also includes income arising as a consequence of extraordinary circumstances of economic activity. To account for income and expenses other than results from ordinary activities, it is intended account 91. It systematizes information about other income and expenses. To account 91, as a rule, the following sub-accounts are opened: 91-1 "Other income", 91-2 "Other expenses", 91-9 "Balance of other income and expenses".

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