The Income Statement

2 Credits: Accounting


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The Income Statement

Course Level
CPE Credits

2 Credits: Accounting

Course Description

Crafting a clear and informative income statement is a common challenge faced by accountants. This course addresses the problem by guiding participants through the complexities of various income statement formats and content descriptions. It agitates the issue by emphasizing the need for accurate and comprehensive representation of a business’s financial performance. The solution is provided through detailed instructions on presentation formats, discontinued operations, and other comprehensive income, along with real-world examples from publicly-held companies. This course equips accountants with the skills to produce insightful income statements that truly reflect the financial health of a business, thereby enhancing their proficiency in financial reporting.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Differentiate between the various types of income statements.
  • List the types of information to be included in each type of income statement.

Chapter 2

  • 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.

Chapter 3

  • Recognize which expenses can and cannot be allocated to discontinued operations.

Chapter 4

  • Recognize the items that can and cannot be included in other comprehensive income.

Chapter 5

  • 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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Course Specifics

Course ID
Revision Date
February 23, 2024

There are no prerequisites

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …