Income statement

It's purpose and components

Watch the video and answer the following questions. Put your answers in the comments below.

  1. What is an income statement?
  2. Do all companies have to prepare an income statement?
  3. How often should companies prepare an income statement?
  4. What are the different names of an income statement?
  5. What are COGS?
  6. What are SG&As?
  7. What is the difference between revenue, gross income, operating income and net income?

An income statement example