Income Statement Example and Task for Key Terms

Are your students struggling to interpret an Income Statement?

Includes

• Income Statement
• Task to check understanding of key terms in an Income Statement
• Answers to the task

Key terms include:

Revenue
Returns inwards
Cost of sales
Opening inventory
Carriage inwards
Returns outwards
Closing inventory
Gross profit
Expenses
Depreciation
Bad debts
Net profit

How to use this resource

1. Using the answers provided you can work through each stage of the income statement with your students to show how each figure has been calculated and the meanings of the headings.

2. Your students will then complete the task to check their understanding of each of the key headings found within the income statement.

There are 2 ways you can use this resource:

Version 1 of the resource

Students are provided with the headings through displaying them on the board or reading them out to the students one-by-one

Version 2 of the resource

Students are provided with the worksheet containing all the headings and complete the task

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