Income Statement & Balance Sheet

Front

All income that a business receives over a period of time

Back

Revenue

Front

The costs of operating a business

Back

Expenses

Front

Statements that are used to report the financial performance of a business

Back

Financial Statement

Front

Statement that reports the revenue, expenses and net income or loss from operations for a specific period.

Back

Income Statement

Front

Financial Statement that categorizes and lists each of the assets, liabilities, and equity accounts.

Back

Balance Sheet

Front

Revenue is calculated as:

Back

Price x Quantity Sold

Front

What is the proper format for the title of an income statement?

Back

Name of Company, Title of Statement, Period of Time

Front

An example of a period of time for an income statement is: March 1, 2025, Saturday, March 1, 2025, For the Month Ended March 31, 2025, For the day, Wednesday, 12AM - 11:59PM

Back

For the Month Ended March 31, 2025

Front

When identifying expenses on an income statement, expenses will end in the word:

Back

Expense

Front

Net Income (Loss) or Alternatively, Profit (Loss) is calculated by: Revenue + Expenses, Revenues - Expenses, Revenues x Expenses, Revenues / Expenses

Back

Revenues - Expenses