Income Statement (Outline)

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Read our Explanation (6 Parts) free

Our Explanation of Income Statement helps you learn the most important features of a corporation's income statement (also known as the statement of operations, statement of earnings, or profit and loss statement). We provide more understanding for revenues and expenses, as well as optional formats for presenting the amounts.

Part 1Introduction to Income Statement
Part 2Accrual Method of Accounting
Part 3Example of an Income Statement
Part 4Components of the Income Statement
Part 5How Net Income Affects Stockholders' Equity, Statement of Comprehensive Income, How Other Comprehensive Income Affects Stockholders' Equity, Additional Information Regarding the Income Statement, Income Statements That Remain Inside the Company
Take our Practice Quiz free

This 20-question quiz is a fast way to assess your understanding of the Income Statement Explanation. It's also a great warmup for our Quick Test.

Review our Visual Tutorial

This visual tutorial for the topic Income Statement presents the key components and formats used on a corporation's income statement (which is also known as the statement of operations or profit and loss statement). The accrual method of accounting is explained and used throughout.

Watch our Financial Statements Video Training

Our financial statements videos will help you learn and review the balance sheet, income statement, and statement of cash flows. This video training consists of 14 videos of approximately 10 minutes each.

Review our Q&A free

We've answered 198 popular questions related to the topic Income Statement. Review them all or use the search box found at the top of each page of our website for your specific questions.

Review our Flashcards

Our flashcards for the topic Income Statement will help you master key terms and definitions. You can view them on any device or print them out.

Solve our Word Scramble free

If you find Income Statement terminology difficult, this Word Scramble will provide clues (scrambled answers) to assist you.

Solve our Crossword Puzzle #1 free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Income Statement in a more fun format.

Solve our Crossword Puzzle #2 free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Income Statement in a more fun format.

Solve our Crossword Puzzle #3 free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Income Statement in a more fun format.

Review our Sample Business Forms

Ten of our business forms provide assistance in preparing the income statement. Some of the forms are for retailers and wholesalers, some for service businesses, and some for a manufacturer. All of our business forms contain an Excel template, a blank PDF form, and a filled-in PDF form.

Review our Cheat Sheet

Our Income Statement Cheat Sheet presents the key components and formats used on a corporation?s income statement (also known as the statement of operations or profit and loss statement).

Take our Quick Test #1

This graded 40-question test measures your understanding of the topic Income Statement. Discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

Take our Quick Test #2 with Coaching

This graded 30-question test provides coaching to guide you to the correct answers. Use our coaching to learn the WHY behind each answer and deepen your understanding of the topic Income Statement.

Earn our Income Statement Certificate of Achievement

Passing this certificate exam will indicate that you have a solid understanding of the components of the income statement. As a result of your studying, you will stand out from others who are limited to citing the bottom-line amount. With additional knowledge you can make constructive suggestions to improve the profits of your business.

Certificate of Achievement

Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. Click here to learn more.

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