The Income Statement PREMIUM
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Learning SummaryDescription:
This module explains the nature and purpose of the income statement in more depth, expanding on the basic concepts introduced in the first module of this series, Understanding Financial Statements. It discusses the major reporting categories in this statement and the items displayed under each major heading. It explains the calculation of net sales, gross profit, and net income and how to use the income statement for decision-making purposes.
Prerequisites:
Who should complete this module:
Managers, supervisors, entrepreneurs, and professionals in any discipline who need more in-depth knowledge of the information contained in the income statement;educators and students in business and accounting.
Learning Objectives:
In this module you will learn to:
1. Describe the nature and purpose of the income statement
2. Identify the major reporting categories.
3. Define the items reported under each major reporting category.
4. How to calculate net sales, gross profit, and net income.
5. Discuss the usefulness of the income statement to evaluate financial performance.
1. Describe the nature and purpose of the income statement
2. Identify the major reporting categories.
3. Define the items reported under each major reporting category.
4. How to calculate net sales, gross profit, and net income.
5. Discuss the usefulness of the income statement to evaluate financial performance.
Competencies Acquired:
Learn the different categories of the income statement, the information reported under each category, and its usefulness for management decision making.
Program Level:
Basic
Duration of Video:
8:00
CPE Credit:
0.50
Delivery Method:
Self-study
Field of Study:
Accounting
Additional Info:
For general information regarding our training modules, including practice exercises and assessments, or information on refunds, concerns and program cancellation policies, please see our Help section under the Resources menu.
Last Revision Date:
1 Dec 2018
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