Income statement 12q
13 important questions on Income statement 12q
What is the Purpose of regulary preparing the Income
Statement?
Showing the net income or loss over a specified period. It lists the total revenues and expenses
What is the diffrence between a profit and cost center?
(e.g. Rooms, F&B, Events)
A cost center generates costs but no revenue (e.g. General & Administration, HR, Marketing & Sales)
An income statement is used to provide information to stakeholders. What and who are stakeholders.. ?
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What is a Return on Investment (ROI)?
money earned on funds invested = ROI
Funds invested
Funds investors supplied to companies in order to earn money on their investment. Calculator! Don't press = and use %
Periodic cash payments from profits generated plus any increase
in value of the investment are expressed in the ratio?
How are negative numbers (losses) on an income statement (P&L account) designated ?
By brackets “( )” around the number
By the use of the color red (usually black) to designate the loss amount
What does the (USAR) Uniform System of Accounts for Restaurants income statement show and what are the four main sections it can be divided in?
It can better be understood by dividing it into its four main sections:
Sales (Revenue)
Prime cost
Controllable income
Restaurant operating income
How to define controllable income in the Income statement ( P&L Account)?
What are Non-Controllable Expenses in the Income statement?
(rent/mortgage), leases for equipment, and depreciation and amortization. Resulting in restaurant operating income
When and why is the summary operating statement used for USALI?
How can USALI, the Summary Operating Statement (for operators) be divided?
Operated department income
Undistributed operating expenses
Non-operating expenses
arranged on the income statement from most controllable to least controllable
The undistributed operating expenses section
includes expenses that cannot truly be assigned to one
specific department, such as security, transportation,
and franchise fees
What are the steps to preparing an income statement for a business ?
Identification of accounting period
Documentation of revenue data
Documentation of expense data
Income Statement Analysis
A manager will be primarily interested in the revenues, expenses, and profits.
Vertical analysis compares all items on the income statement to revenues using percentages. 100%
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