Income Statement Explained | Accounting How To | How to Pass Accounting Class

Income Statement Explained | Accounting How To is an accounting tutorial explaining the income statement (also known as profit and loss statement or P&L). It explains how the income statement works, the purpose of the income statement, how income statements are used in business. It shows examples of service, merchandise, and manufacturing business income statements, and introduces classified income statements and comparative income statements. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part the playlist series: How to Pass Accounting Class and Accounting Basics for Business Owners. ⏰ Accounting How To Time Stamps: 00:00 Introduction to the Income Statement 00:40 Example of a simple cash basis income statement 02:24 Accrual basis income statement 03:51 Merchandising Business Income Statements 05:23 Manufacturing Business Income Statement 06:06 Classified Income Statement Example 08:13 Comparative Income Statements Example Link to Cash Basis vs Accrual Basis video: https://youtu.be/-xPWl5OfknU 🎥 Playlists: 🎥 How to Pass Accounting Class Playlist: