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Exam (elaborations)
Financial Information Management - Lecture 3
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Income Statement - ANS-A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. Operating Expenses - ANS-Any costs that have not been "absorbed" into the cost of sales (other than finance and tax). E.g corporate salaries, sales and marketing Operating Profit Equation - ANS-Operating profit = Gross Profit - Operating Expenses Operating Profit - ANS-Profit from business operations. Cost of Sales - ANS-The cost involved in directly producing the goods or services you sell. Inventory Cost - Continues...
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