2012年ACCA考试《F3财务会计》讲义辅导(5)
☆Income statement:
Mr. W Xang
Income statement for the year ended 31 December 20X6
$ $ Sales revenue 33,700 Opening inventory 3,200 Purchases 24,490 27,690 Less: Closing inventory （2,390） Cost of sales （25,300） Gross profit 8,400 Less: Expenses wages 3,385 rent 1,200 Sundry expenses 365 （4,950） Net profit 3,450
●Showing the financial performance of a business over a period of time.
●Reports revenue and expenses for the period.
●The sales revenue shows the income from goods sold in the year
●The cost of buying the goods sold must be deducted from the revenue
●The current year’s sales will include goods bought in the previous year, so this opening inventory must be added to the current year’s purchases.
●Some of this year’s purchases will be unsold at 31/12/20x6 and this closing inventory must be deducted from purchases to be set off against next year’s sales.
●The first part gives gross profit. The second part gives net profit.
The I.S. prepared following the accruals concept.
Accrual concept:
●Income and expenses are recorded in the I.S. as they are earned / incurred regardless of whether cash has been received/ paid.
(Sales revenue: income from goods sold in the year, regardless of whether those goods have been paid for.)
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