Module 2 - The Income Statement: Revenue Earned and Resources Consumed

Two unique features of this series are (1) the Open Line with the tutor offering you direct support by answering your questions or giving you additional resources on topics covered in the courses and (2) the link we make between Finance and Accounting on the one hand and World 4.0 on the other. Finance is no longer a historic account of events but it looks into the future helping managers make valuable predictions and decisions.

This is a modularised online programme, on practical skills for all professionals and will equip you with skills you need in your daily working life, immediately from day 1.

Whether you are a manager looking for skills in how to link finance to business processes, or a prospective accountant that wants to start a career in Accounting under IFRS and Finance, or a working accountant that wishes to enhance their Accounting and financial management knowledge to support their daily work, you will find this course unique and resourceful.

It is also a refreshed way of looking at Accounting and Finance and some of the things we will be covering may not be available in books or publications or on the Internet.

In this 2.5-hour module, the second in the series, we will construct together Income Statements and Balance Sheets while at the same time looking at real-life Financial Statements of companies listed on stock exchanges. We will search for information that warns us of the health issues facing a company and we will learn how to suggest possible solutions. Knowledge and skills gained in Module 1 will be reinforced and extended.

Course content:

  • Fully understand what an Income Statement is, what it is made up of and how to take information from it that is useful to you
  • How the Income Statement is linked to the Balance Sheet
  • What we mean by Revenue under IFRS
  • What costs are we taking into account to arrive at Gross Profit and Net Income
  • Accruals and Matching concepts and their importance in what profits we report
  • Depreciation and the book values of assets reported
  • Lots of practice questions and comprehensive case studies on the Income Statement and the Balance Sheet
  • Tutor hot-line open for three months after the course: ask your tutor questions on any part of the course for clarification or additional knowledge and resources

On completion of this online course you will receive a certificate.

This module is a part of the Finance in Business e-learning course.

The course is delivered in English.

Check out the previous and next module in the series.

Are you looking for live interactive training on this topic? Find out more about our Finance in Business modularised course programme: case study workshops for business professionals delivering the practical financial skills you need for your daily work.

Show your certificate of completion for this course and get a 10% discount for the Finance in Business Online Live workshops.


Patrycja Bawolska

Patrycja is the supervisor of the popular "Finance for Non-Financial Professionals" training course series.

Phone number: +48 797 305 720


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