To conserve water and to facilitate two-way travel, canals are built level. If there is a difference in elevation between the ends of a canal, the channel is built as a series of level sections linked by locks.
Free Bookkeeping Tutorials & Quizzes. The Chart of Accounts is normally arranged or grouped by the Major Types of Accounts. The Balance Sheet Accounts (Assets, Liabilities, & Equity) are presented first, followed by the Income Statement Accounts (Revenues & Expenses). Here we're going to discuss the Income Statement Portion of the Chart Of Accounts (Revenues and Expenses) and how it's organized, The Income Statement portion of the chart of accounts normally begins by listing Revenue Accounts followed by the Expense Accounts. The revenues are grouped or classified based on whether they are related to the normal operations of the business (primary business activities) called Operating Revenue or result from incidental (secondary business activities) called Non-operating Revenue.
The income statement of a company may be updated on a more regular basis than the other financial documents. Because the income statement provides a clear picture of current profitability, it is constantly reviewed by a company's managers as well as its investors.he income statement of a company may be updated on a more regular basis than the other financial documents. Because the income statement provides a clear picture of current profitability, it is constantly reviewed by a company's managers as well as its investors.