This video helps students to learn the purpose of making an income statement and the steps to prepare it. Using an example of running a game shop, guiding students to find out the equation needed in the preparation of income statement: (Sales – Return inwards) – [Opening inventory + (Purchases – Return outwards + Carriage inwards) – Closing inventory] + Revenues – Expenses = Net profit/ Net loss.
For more resources (e.g., Lesson plan, worksheet, lecture notes, etc. ), please refer to this website: https://view/cop-bafs/home
