The Income Statement

1. Read 132-140 Questions 1-21 (Page 140)
2. Exercise 2-3 Page 141-142
3. Read 144-149 Exercise 1 Page 150

• What is it?  Why is it  important ?
Who needs it and why?
• What is a Fiscal Period and why is it important to stakeholders?
•  GAAP – Time Period Concept, Matching Principle- which IFRS relates to this?
• Additions to your Debit/Credit chart (page 132)

Video Resources: