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Income Statement

QuestionAnswer
Revenues Mesures increases in net assets resulting from the sale of products and services. Revenue is recognized and recorded when it is earned: service performed or products sold AND when it can be reasonably measured
Expenses Expired costs: assets used up to produce revenues and are recorded in the same period in which revenues are recognized.
Cost of Goods Sold cost of making the product or purchasing the product. Recorded when service occurs or when product is sold
Costs of Good Sold Equation Beginning Inventory+Purchases-Ending Inventory = CGS
Selling, General, Administrative Expenses Operating expenses related to the production of revenue but are not directly linked to the products sold. Period costs that are expressed within the period of when they are incurred.
Other Income/Expenses not derived from mainstream business operation. Interest Expense, Interest income, gain/loss of operating assets.
EPS Earnings Per Share. Net Income/# of Shares Outstanding
Price Earnings Ratio Stock Price/EPS
Created by: 563877211
Popular Accounting sets

 

 



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