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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 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 the Income Statement, Revenues & Gains
Part 2Expenses & Losses, Additional Considerations
Part 3Single-Step Income Statement
Part 4Multiple-Step Income Statement
Part 5Reporting Discontinued Operations
Part 6Earnings per Share of Common Stock, Notes To Financial Statements, Other Income Statement Formats, Comprehensive Income, Effect on Stockholders' Equity
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. A 20-question quiz lets you assess your level of understanding.

Watch our Financial Statements Seminar Videos

Our Understanding Financial Statements Video Seminar consists of 14 videos of approximately 10 minutes each. You'll learn about the balance sheet, income statement, and cash flow statement components. To make things even more convenient we have included printable notes.

Review our Q&A free

We've answered 193 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 Financial Statements Certificate of Achievement

Earn this certificate to demonstrate your knowledge of the main financial statements. In the process you will be improving your knowledge, retention and recall of key elements. You will feel more confident knowing you passed the 40-question exam prepared by an experienced CPA and university instructor.

Certificate of Achievement

Certificates of Achievement

We now offer three Certificates of Achievement for Introductory Accounting and Bookkeeping. The certificates include Debits and Credits, Adjusting Entries, and Financial Statements. Click here to learn more.

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