Income Statement Business Studies

Income statements show both the gross profit and the net profit made by a.

Income statement business studies. Main features of an income statement e g. A simple income statement sales revenue total sales. It shows the profit or loss made by the business which is the difference between the firm s total income and its total costs. She has saved 3 600 from her summer job to help fund her first year in college.

The income statement serves several important purposes. 1 year income statement tells the company s managers whether the company is making a profit or a loss managers can also compare this year s income statement with last year to see if the differences in profits or losses. The income statement is a historical record of the trading of a business over a specific period normally one year. A income statement is a structured way of listing the revenue and expenses of the business for a specified period.

Junior cycle business studies c kate s parents are giving her an allowance of 150 per month towards her expenses. It is also known as a profit and loss account. An income statement profit statement statement shows the profit or loss made by a company over a set period of time.

An income statement is a financial document of the business that records all income generated by the business as well as the costs incurred by the business and thus the profit or loss made over the financial year. Revenue cost of sales gross profit profit profit was known as net profit in the 2014 and previous syllabuses and retained profit use simple. Also known as profit and loss account. Jim is a well known business writer and presenter as well as.

Income statement a document that records the income of a business and all the costs incurred to earn that income over a period of time.