- Income Statements and Statement of financial Position * ’ppt’ IGCSE Business Studies. I have consistently produced A*s, As, and Bs. You can replicate my results with my up-to-date notes. *Engage your students, relax, and simply guide them as they work and learn to excel. ‘Class Activities.’ with Answers.’
Lesson Objectives;
At the completion of the lesson, the students should be able to;
What profit is and why it is important: • How a profit is made. • Importance of profit to private sector businesses, e.g. reward for risk-taking/enterprise, source of finance. • Difference between profit and cash. Income statements: • Main features of an income statement, e.g. revenue, cost of sales, gross profit, profit and retained profit. • Use simple income statements in decision making based on profit calculations The main elements of a statement of financial position: • main classifications of assets and liabilities, using examples. Interpret a simple statement of financial position and make deductions from it, e.g. how a business is financing its activities and what assets it owns, sale of inventories to raise finance (constructing statements of income, and financial position will not be assessed). ‘Class Activity provided with Answers.’
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