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level: Income Statement

Questions and Answers List

level questions: Income Statement

QuestionAnswer
what is an income statementshows the profit or loss made by a company over a set period of time.
what is the main purpose of an income statementto calculate profit
what is meant by gross profitthe profit on buying and selling the inventory
what is meant by profit for the yearthe final profit for the business before tax is deducted gross profit - expenses
what two types of profit are calculated in an income statementgross profit profit for the year
what (aside from calculating profit) is the purpose of an income statementshows level of success in selling products/services can be used to calculate tax to be paid to the government shows where expenses could be reduced aid decision making (eg. to increase selling price)
what is this an example ofincome statement