Income Statement Test

This test on Income Statements is guaranteed to engage your students as they not only understand the features of an income statement but become proficient in analysing an income statement. The series of questions from a narrative entrench learning. Answers to questions are provided.
Lesson Objectives;
At the completion of this lesson, all students, should be able to:
• Determine the difference between gross profit and net profit
• Understand how gross and net profit margins are determined.
• Determine the changes in profit levels between financial years.
• Understand the importance of differing profits between financial years.
• Understand the concepts of cost of sales and added value.
• Understand how to increase revenue from analysing a narrative.