Students should be able to:
- understand the importance of financial statements for assessing business performance and helping make business decisions
- identify the main components of the income statement and the statement of financial position
- understand the difference between assets and liabilities and that the statement of financial position is a snapshot in time
- make judgements on the performance of a business through the interpretation of the information contained in income statements
- consider current performance, performance against previous years, performance against competitors and performance from the perspective of a range of stakeholders
- calculate gross profit margin and net profit margin to help assess financial performance
Complete lesson written by Sarah Hilton for Revisionstation
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