4.05 Implement Accounting Procedures To Track Money Flow And To Determine Financial Status.

Describe the nature of income statements

Income Statement

Profit-and-loss Statement

Cost Of Goods Sold

Gross Profit

Operating Expenses

Net Income

Operating Earnings

Explain The Purpose Of An Income Statement

Identify Other Names By Which An Income Statement Is Known

Describe The Categories Of Components On An Income Statement.

Explain Why An Income Statement Is Cumulative

Explain Ways That A Business Can Use Its Income Statement.