Statement of Comprehensive Income

A Financial snapshot of the assets and liabilities of a business on a particular day.

Summary of a Business's activities over a specific period of time.

A record of a business's cash inflows and outflows over a period of time.

Sales Revenue

Fixed Assets

Cost of Sales

Expenses

She is a Manager - and wants to know if the business has achieved its target turnover and profit levels for the year.

She is an employee - She wants to know if her job is safe and if she is likely to receive a pay rise.

SOCI shows how much revenue a business has received from sales of goods

SOCI shows the value of all of the business's assets and liabilities

SOCI shows the money coming in and out of a business

SOCI shows how much money a business has not spent

£10,000

£14,000

£12,000

£3,000

£400

-£800

-£400

-£500

Gross Profit can be improved by decreasing the volume of sales

Gross Profit can be improved by reducing the cost of sales

Gross Profit can be improved by increasing the price of products

Net Profit can be improved by reducing expenses

TRUE

FALSE