5.3 Income Statement

Question 1

Accounts

Answer 1

Financial records of a firm’s transactions

Question 2

Final Accounts

Answer 2

Prepared at the end of the financial year, show profit or loss & worth of the business.

Question 3

Income Statement

Answer 3

Financial document that shows all income & costs of the business

Question 4

Uses of Income Statement

Answer 4

• Compare performance
• Product profitability
• Which product to launch