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Uses of income statement in your life and future

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Discuss how the income statement may be applied to your everyday life.

Discuss how a business manager may benefit from an understanding of this statement.

Discuss how your understanding of the income statement may be applied to your current or future position.

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The solution discusses the uses of income statements in life and future is 426 words plus three references.

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Income Statement

The income statement is a feasibility document. It tells me if the costs and benefits are in balance and therefore if I should engage in the activity at all. Or, if they are not in balance, what would it take to get them in balance. For instance, I have unique plants in my backyard that produce seeds that are desired around the world. There is a market for them on eBay since they are easy to ship and don't require the shopper to see or try on the item. Is it feasible for me to sell my seeds on eBay? I can use the income statement concepts to figure this out. I know my costs --- the seeds are essentially free ...

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Carol Sargent, PhD
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  • MSc, University of Virginia
  • PhD, Georgia State University
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