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

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

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

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

forecast future income in future periods

tool for helping management plan its cash needs

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C202 chapt 5

Question	Answer
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

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