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The 'Income Statement', or 'Profit and Loss Statement' (P&L) is one of the three major Financial Statements, along with the Balance Sheet and the Statement of Cash Flows. In this tutorial, you'll find out what the Income Statement is and how you can use it to measure a business's financial performance.

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⏱️TIMESTAMPS
00:00 - Intro
01:02 - Income Statement Definition
01:10 - What a Basic Income Statement Looks Like
02:10 - An Analogy
02:37 - Expanding the Income Statement
03:16 - Direct Costs - Cost of Sales
04:48 - Gross Profit
05:10 - Indirect Costs - Overheads
06:15 - Operating Profit
06:42 - Comparative Periods
07:18 - Example - Imaginary Company
08:17 - Financial Ratio Analysis - Gross Profit Margin
09:34 - Interest Expenses & Tax
10:01 - Net Profit
10:12 - Gross Profit vs Operating Profit vs Net Profit

🔗VIDEO LINKS
▪ Balance Sheet →    • How The BALANCE SHEET Works (Statemen...  
▪ Cash Flow Statement →    • Intro to Cash Flow Statements | Direc...  
▪ Book Review →    • The Accounting Game - Book Review  

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