Income Statement Igcse Business

The income statement serves several important purposes.

Income statement igcse business. A very warm welcome to my youtube page. Revenue cost of sales gross profit profit profit was known as net profit in the 2014 and previous syllabuses and retained profit. You can help me on paypal. Also known as profit and loss account.

It is also known as statement of financial position. 5 3 income statements syllabus aim is to draw up an income statement to highlight why profit is important to a business. It shows the profit or loss made by the business which is the difference between the firm s total income and its total costs. Pairs game click here income statement activity click here income statement exercise click here.

The income statement shows the business has made a gross profit of 320 000 before considering. Https paypal me sensebusiness http www sensebusiness co uk as the name. An income statement is a document that records the income of a business and all costs. 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.

An income statement shows the business financial performance over a given time period e g. A simple income statement sales revenue total sales. Also known as a profit and loss account what questions will an income statement help to answer. Jim is a well known business writer and presenter as well as.

This brief presentation provides students with an introduction to and overview of the income statementjim co founded tutor2u alongside his twin brother geoff. Income statement aka profit loss account financial document that shows the company s revenue and expenses over a period of time. The income statement is a historical record of the trading of a business over a specific period normally one year. 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.

In this section you will be required to learn about. It shows the value of a business assets and liabilities at a particular time.