Adventis Financial Modeling Level 1 Certification Questions and Answers |Graded A+

Income Statement - ans Presents the results of operations over a period of time, typically monthly, quarterly and/or annually Income Statement - ans The purpose is to show stakeholders whether the company made or lost money during the period being reported, and it indicates how revenues are transformed into net income Income Statement - ans Displays revenues recognized for a specific period of time and the expenses charged against those revenues Revenue (Sales) - ans The amount charged for the delivery of goods or services Cost of Sales (Cost of Goods Sold) - ans The direct cost of producing revenue (raw materials, direct wages, etc.) Gross Profit - ans calculated as revenue less cost of sales and indicates how efficiently labor and supplies are used in the production process Operating Expenses - ans All other expenses required to run the business (management salaries, marketing, travel, etc.)