The income statement reveals the financial performance of a business, and so should be properly presented in order to convey the most relevant revenue and expense information to users. This course assists the accountant by noting the various presentation formats that can be used, as well as the content and description of each line item within the statement. It also discusses sample income statements from several publicly-held companies, in order to show the range of presentation possibilities. As an added bonus, the course describes the presentation of discontinued operations and other comprehensive income.
Upon successful completion of this course, participants will be able to:
- Differentiate between the various types of income statements.
- List the types of information to be included in each type of income statement.
- Recognize how noncash expenses can be used in the analysis of an income statement.
- Note which expenses can be included in the cost of goods sold.
- Recognize which expenses can and cannot be allocated to discontinued operations.
- Recognize the items that can and cannot be included in other comprehensive income.
- Understand the differences between the margins that can be reported on an income statement.
- Describe the contents of the ratios used to analyze the information in an income statement.
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