1. 4.05 Implement Accounting Procedures To Track Money Flow And To Determine Financial Status. Describe the nature of income statements

2. Income Statement

3. Profit-and-loss Statement

4. Cost Of Goods Sold

5. Gross Profit

6. Operating Expenses

7. Net Income

8. Operating Earnings

9. Explain The Purpose Of An Income Statement

10. Identify Other Names By Which An Income Statement Is Known

11. Describe The Categories Of Components On An Income Statement.

12. Explain Why An Income Statement Is Cumulative

13. Explain Ways That A Business Can Use Its Income Statement.