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Jordan ACC200 Exam 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Jordan ACC200 Exam 2 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Who cares about income statements? - Stakeholders (people who have an interest in the business and
are affected by its performance)
Why is an income statement valuable? - Stakeholders use it to assess profitability and sustainability of
an entity
What are the 2 elements of an income statement? - Revenues and expenses from the central part of the
business
What is the "bottom line" and how is it calculated - bottom line: net profit/loss
Calculated by Revenues - expenses
What are other names for the income statement? - - Profit & Loss Statement (P&L)
- Consolidated statement of operations
- Consolidated statement of income
Describe comparative financial statements - These display trends in regards to earnings' risk/growth by
showing us information from MULTIPLE periods.
Benefits of a one month period for income statements - Can reassess direction or operation based on
this short period
- Mainly for management
, Benefits of a one quarter period for income statements - Can identify if annual goals can be reached by
grouping several months at a time
- Used by management and investors
The point of a one year period for income statements - Shows longer term trends that internal and
external stakeholders want to see
- Mainly for external stakeholders
The term _____ refers to the difference between revenues and expenses - NET
(could be net income, net loss, etc.)
2 options for what to do with net income - - Could be distributed to stockholders in the form of
dividends
OR
- Net income may be retained for growth, expansion, etc.
What is typically labeled as "sales" on the income statement? - Revenues from selling TANGIBLE
products
What is typically labeled as "fees earned" or "service revenue" on the income statement? - Revenues
from providing SERVICES like education, doctors, lawn care, etc.
What is typically labeled as "other revenue" on the income statement - Revenues from incidental
activities that are NOT considered primary operations of business
MRS. JORDAN VOCAB: What does LT mean? - Long Term
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