Simple Income Statement Format O Level

It presents a picture of a company s revenues expenses gains losses net income and earnings per share eps.

Simple income statement format o level. Clipping is a handy way to collect important slides you want to go back to later. Income statement format 1. Income revenue expenses what is an income statement used for. The income statement also called the profit and loss statement is a report that shows the income expenses and resulting profits or losses of a company during a specific time period.

Zimsec o level principles of accounts notes. Clipping is a handy way to collect. Cost of goods sold section. This income statement template comes in a pdf format and gives you a perfect idea of what such an income statement looks like.

Sales or revenue section presents sales discounts allowances returns and other related information. It would also help you list all your information in a neat manner. You just clipped your first slide. O level accounting notes 1.

Cambridge igcse accounting 0452 o level principles of accounts 7110 notes. Now customize the name of a clipboard to store your clips. The format of a simple trading and profit and loss account nb the exact names and types of expenses and other income will vary from. Its purpose is to arrive at the net amount of sales revenue.

It would also help you list all your information in a neat manner. Accounting cycle the accounting you just clipped your first slide. The income statement can either be prepared in report format or account format. In this tutorial we ll learn the purpose of this key accounting report and go over a simple income statement example to learn its format and components.

Users of financial statements financial statements are used by a variety of groups for a variety of reasons. Income statement also referred to as a statement of income and expense or b statement of profit or loss or c profit and loss account is a financial statement that summaries the results of a company s operations for a period. The format of a simple trading and profit and loss account the name of the business proprieter sales xxxxx less cost of sales opening stock xx add purchases xxx xxxx xx. The income statement equation shows the profits that were obtained through revenue and expenses.