Business GCSE
Income statement
What Income statement means in Business GCSE, as defined for AQA.
Definition of Income statement
Check what you remember
Read the wording for your board, then hide it and explain Income statement in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The component that records revenue, cost of sales, expenses and profit over a period.
Topics that use Income statement
Related terms
- Asset and liability classification
- Assets
- Average Rate of Return (ARR)
- Business decision making
- Calculating and comparing ratios and totals
- Cash Flow Forecast
- Causes and consequences of financial change
- Financial interpretation and comparison
Using Income statement in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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