Flashcards in Chapter 33, Income Statements Deck (6):
1
Gross profit
revenue minus cots of sales
2
Operating Profit
Gross profit minus expenses
3
Profit for the year
Profit and dividends minus tax
4
Contents of an Income Statement
- Revenue
- Costs of sales
- Gross profit
- Operating costs
- Profit before tax
- Profit for the year
- Non operating income/expenses
5
Three sections of the income statement
- Trading account
- income statement
- appropriation account
6