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Test Statement of income
Agenda
QUESTION 1: WHAT DOES THE INCOME STATEMENT SHOW US?
The amount of cash in the business
Profitability of the business
QUESTION 2: WHAT DOES THE INCOME STATEMENT ALLOW US TO DO?
Know if more money is coming in than going out
Optimize business resources
See where the money is being spent and the amounts
All of the above
QUESTION 3: FROM WHAT INFORMATION IS THE INCOME STATEMENT GENERATED?
From investments and financing
Based on revenues, costs and expenses
QUESTION 4: WHAT IS A FINANCIAL EXPENSE?
Those related to commissions and interest
Those related to purchase and sale operations
QUESTION 5: WHAT IS COST OF SALES?
What it cost to make, sell and distribute the products/services
Expenses necessary for the maintenance of the business
QUESTION 6: WHAT PROFIT IS THE AMOUNT YOU GET WHEN YOU SUBTRACT THE COST OF SALES FROM THE SALES REVENUE?
Utility from operations
Gross profit
QUESTION 7: WHAT DOES NET INCOME INDICATE?
What you finally earned or lost after counting all expenses, costs and taxes against income
What you finally earned or lost after deducting the cost of sales from revenues
QUESTION 8: HOW OFTEN SHOULD THE INCOME STATEMENT BE PREPARED?
As needed by the business
Monthly
Quarterly
Semiannual
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