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If an Income statment says that the numbers are in thousands what does it mean?
If for example an income statement for a company says that all number are expressed in thousands than that would mean if it just had the number 1 for total assets then the total assets is 1,000. Is that correct? So if it said it had total assets fo 62,348 I would add 3 zeros to it to get the actual amount, right?
5 Answers
- mplsundinLv 41 decade ago
You're correct, and if you're looking at an actual company and know enough about them you can look at it logically. Would a company making 1,000 in sales for a quarter be doing well? Probably not, but a million in sales isn't bad depending on the size of the company.
- Mike MLv 41 decade ago
yes exactly that
it is done to keep financial records of a company looking 'clean' big numbers are difficult to interpret for most people
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