Accounting
Textbooks
Boundless Accounting
Detailed Review of the Income Statement
Accounting Textbooks Boundless Accounting Detailed Review of the Income Statement
Accounting Textbooks Boundless Accounting
Accounting Textbooks
Accounting

Section 1

Understanding the Income Statement

Book Version 3
By Boundless
Boundless Accounting
Accounting
by Boundless
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4 concepts
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Revenue

Revenue refers to the mechanism by which income enters a company.

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Cost of Goods Sold and Gross Profit

Gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service.

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Operating Expenses, Non-Operating Expenses, and Net Income

Operating expenses and non operating expenses are deducted from revenue to yield net income.

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Income Statement Formats

Income statements are commonly prepared in two formats: multiple-step and single-step.

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