On a personal income statement, cash surplus and cash deficit are the normal designations for profit and loss for an individual.
Personal income statement can be defined as the statement that shows or summarize your expenditure and revenue over a particular period of time.
Personal income statement is important as enables a company to know their cash surplus as well as cash deficit .
Therefore on a personal income statement, cash surplus and cash deficit are the normal designations for profit and loss for an individual.
Learn more about Personal income statement here:https://brainly.com/question/24498019
#SPJ1
