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Manager Accouting

C202 chapt 5

QuestionAnswer
gross profit means the difference between the selling rice of a product and the cost of the product
operating income means gross profit minus all other expenses except for interest and taxes
income from continuing operations means operating income minus interest expense, minus, income tax expense, and plus or minus other misc. revenue and expense items and gains and losses from peripheral transactions and events
net income means income from continuing operations plus or minus the results of discontinued operations and extraordinary items, net of their repsective
comprehensive income means net income plus or minus adjustments for changes in company wealth stemming from changes in certain exchange rates or financial instruments values
the primary categories of income statement items are revenues, expenses, gains, and losses
earnings per share the amount of net income associated with each share of stock
companies can generate income by selling goods, providing services, and earning interest through loaning money
key expense item are cost of goods sold, selling, general and administrative expense; depreciation expense; interest expense, and income tax expense
a singe step income statement groups all revenue and all expenses and reports the overall difference
an expense should be recognized in the period where the revenue it was used to generate is recognized
income statements forecast future income in future periods
cash budget tool for helping management plan its cash needs
Created by: nashanta