The INCOME STATEMENT Explained (Profit & Loss / P&L)

The 'Income Statement', or 'Profit and Loss Statement' (P&L) is one of the three major Financial Statements, along with the Balance Sheet and the Statement of Cash Flows. In this tutorial, you'll find out what the Income Statement is and how you can use it to measure a business's financial...

Intermediate - 11 min - Money & Business - Accounting Stuff

The full course: Learn Bookkeeping free

What you'll need

• Printing calculator: Ten-key work the bookkeeper way.
• Receipt scanner: Paperless records for clients.
• Laptop stand: Screen at eye level for long study sessions.
• Noise-cancelling headphones: Focus through long video lessons.

Books

1. Bookkeeping For Dummies by Lita Epstein - View on Amazon
2. Accounting Made Simple by Mike Piper - View on Amazon
3. Profit First by Mike Michalowicz - View on Amazon
4. QuickBooks Online For Dummies by David H. Ringstrom - View on Amazon

Next lessons

• LEARN ACCOUNTING in Under 5 Hours! (291 min, Accounting Stuff, Intermediate)
• ACCOUNTING BASICS: a Guide to (Almost) Everything (14 min, Accounting Stuff, Beginner)
• The BOOKKEEPING BASICS for BEGINNERS (14 min, LYFE Accounting, Beginner)
• T Accounts Explained SIMPLY (With 5 Examples) (11 min, Accounting Stuff, Intermediate)
• FINANCIAL RATIOS: How to Analyze Financial Statements (24 min, Accounting Stuff, Intermediate)
• How To Do A Bank Reconciliation (EASY WAY) (17 min, Accounting Stuff, Beginner)
• Owner's draw vs payroll salary: paying yourself as an owner with Hector Garcia (10 min, QuickBooks, Intermediate)
• How The BALANCE SHEET Works (Statement of Financial Position / SOFP) (13 min, Accounting Stuff, Intermediate)