Pratique du Shadowing: The INCOME STATEMENT Explained (Profit & Loss / P&L) - Apprendre l'anglais à l'oral avec la vidéo
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In this video you'll learn what an income statement is.
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I'll show you what it looks like and how you can use it to measure a business's financial performance.
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Hey there, welcome back to Accounting Stuff.
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I'm James and in today's video we're going to cover the income statement.
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Also known as the profit and loss statement or the P&L for short.
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This is one of the three major financial statements in accounting along with the balance sheet and the cash flow statement.
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Collectively these reports give us an impression of a business's financial health so it's important that we understand how they work.
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I've already made videos covering the balance sheet and the cash flow statement
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which you can find linked up here and down below in the description
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but up until now I haven't posted a video yet on the income statement
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and I've received a lot of requests from you guys to cover this topic
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so thanks for all these particularly from one subscriber so Niloy
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if you're watching this video goes out to you good luck in your exam hope you crush it.
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An income statement is the summary of a business's revenues and expenses over a period of time.
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In its basic form an income statement looks like this it's a summary of a business's revenues
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and expenses over a period of time.
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When we take our total revenue and and subtract our expenses from it then we work out our profit or our loss.
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We make a profit when our revenues exceed our expenses
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and on the flip side we make a loss when our expenses are more than the income we've earned.
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This is why the income statement is also known as the profit and loss statement or the P&L for short.
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It lays out a roadmap for how we ended up here at the bottom line our profit or loss.
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The income statement always covers a period of time
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which could be anything that we want it to be but typically we run it for a month, a quarter or a full year.
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Here's a helpful analogy that I read in this book The Accounting Game which I recommend reading if you're new to accounting.
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You can find my review of it up here.
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Anyway back to it.
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If a balance sheet shows us a snapshot of a business's assets, liabilities and equity at a single point in time,
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then you can think of it as a photograph or a still frame taken from a video.
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Whereas the income statement covers a period of time.
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It's like watching a clip of that video.
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It has a beginning and it has an end.
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And if we look at it carefully and analyze it, then it can tell us a story.
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But more on that later.
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Let's take a closer look at our income statement.
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Revenues, less expenses, make us a profit or a loss.
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The problem with this layout is that it doesn't give us much detail.
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It would be much better if we made things a little more descriptive.
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For instance, revenue.
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There are many different types of revenue.
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If we were running a business that sells physical products then we might want to call this product sales instead.
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Or if we provide services we could call this our services rendered.
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This extra detail helps the readers of the income statement better understand what they're looking at.
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Clarity is the aim of the game here.
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The same goes for expenses.
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Businesses typically incur many different types of expense but broadly speaking these can be broken down into two categories.
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Our direct costs of doing business and our indirect costs of running the business.
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Our direct costs of doing business are the costs
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which we can directly trace through to the products we've sold or the services that we've provided.
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For a business that provides services we might call this our cost of services
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and if we sell physical goods then we could call this our cost of sales or our cost of goods sold.
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Direct costs like these are variable costs which increase in direct proportion to the sales that we've made.
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If you are running a retail
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or a wholesale business then these would include things like the original purchase price of the product
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that you're reselling or
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if you've run a manufacturing business then this would include the cost of your raw materials
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or the direct labor cost that went into producing your product.
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As we make more sales we incur more of these direct costs.
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Cost of goods sold can be a bit of a tricky concept to understand at first.
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It ties in very closely with inventory in the balance sheet.
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If you'd like to see me make a video explaining how all of
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that works then let me know down below in the comments
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and if you haven't already remember to hit that subscribe button
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so you don't miss out on all of the other accounting tutorials that we have coming out very soon.
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Back to the income statement.
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When we take our revenue and deduct our direct costs of doing business we get to our gross profit.
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If you're new to accounting then you'll soon discover that we have many different types of profit.
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Our gross profit is a really useful tool that allows us to measure the efficiency of our production and sales process.
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I'll show you how that works in a minute.
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But first let's jump back to indirect costs.
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These are the costs of running a business
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which can't directly be traced back to the production of goods or the provision of services.
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We sometimes call these overheads.
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Overheads can include fixed costs like rent, employee salaries, insurance costs, admin expenses,
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legal costs, accounting costs, marketing costs, depreciation and amortization.
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Whoa, there's a lot of them.
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Fixed costs like these tend to remain the same.
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They bear no correlation at all to the sales that your business has made.
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However, not all overheads are fixed.
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Variable overheads can loosely correlate with a business's sales, although they can't be directly traced back to the production of goods or the provision of services.
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These include things like advertising costs, which can indirectly drive sales and sales commissions.
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Utility costs could also be considered a variable overhead in a manufacturing business because these can increase as we ramp up production.
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When we deduct our indirect costs of doing business from our gross profit, we come to our operating profit.
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Operating profit measures the net income that we generated from operations.
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This is the residual amount that's left over after deducting all of our direct and indirect costs of doing business.
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So this is our basic income statement.
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But how does it help us measure a business's financial health?
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It does that by giving us a means to compare our financial performance against comparative accounting periods.
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A comparative period is a different period of time.
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It can be whatever we want it to be.
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We could compare a current month income statement against last month's income statement or this year versus last year.
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When we use comparative periods we can calculate the change
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or movement across each line item down the profit and loss statement
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and as accountants it's our job to support these movements with a narrative which explains all of the differences.
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Let's throw in some numbers into an imaginary company and I'll show you what I mean.
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We'll compare the movements in our P&L year on year.
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This is going to be for a medium-sized business so we can quote our numbers in thousands of dollars.
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What have we got here?
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Our imaginary company has made sales of $110,000 which is up $10,000 from what we made in the prior year.
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Our cost of goods sold have also increased by $10,000 from $30,000 to $40,000.
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That's left us with a gross profit of $70,000 which has remained unchanged.
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Our overheads are fixed at $45,000 which gives us an operating profit of $25,000 in each period.
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What can we learn from all of this?
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Well our sales have increased by $10,000 but our gross profit has remained exactly the same.
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How can that be?
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A useful metric that we can use to analyze this is gross profit margin.
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We can calculate our gross profit margin by taking our total product sales
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and deducting our costs of goods sold and then dividing the whole lot by our product sales.
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This measures how efficiently we've been producing and selling our imaginary product.
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In this case our gross profit margin in the current year is around 64%
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which is actually down from last year's gross profit margin of 70%.
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How's that possible?
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Well one of two things could be happening here.
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Our sales could be shrinking or our costs could be rising.
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We could be selling more products but at a discount or the cost of our raw materials could be rising.
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These are the questions that we need to be asking ourselves as accountants, investors or small business owners.
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We can compare metrics like the gross profit margin across comparative
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periods to help us identify what questions we should be asking and then Then, that's when the work begins.
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We need to find out the answers and use them to build a narrative that explains what's going on.
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Gross profit margin is just one of many business metrics that we can use to analyse the income statement.
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If you'd like to see me make videos on the others, let me know.
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Now, this is still quite a basic income statement.
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In reality there are other indirect costs of doing business which we might need to include as well.
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Things like interest expenses and tax.
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These tend to slot in below operating profit because they aren't considered to fall within the normal cost of operations.
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This is why operating profit is also known as EBIT or earnings before interest and tax.
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When we deduct our interest
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and tax from our operating profit we calculate our net profit the bottom line
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because it's at the bottom of the profit and loss statement.
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So you can see that there are many different types of profit and loss to consider in accounting.
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We start off with our revenue and we deduct our direct costs of doing business to come to our gross profit, our top line profit.
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Below this we take out the indirect costs of running our business to find our operating profit, our EBIT, our earnings before interest and tax.
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And when we remove interest and tax we calculate our net profit, the bottom line.
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these different types of profit help us measure performance over a period of time.
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The main goal of most businesses is to maximize their profits
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so it's important to be clear on what that means and to be aware of the differences between gross profit,
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operating profit and net profit which can each tell us a different part of the story.
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Like I mentioned earlier the income statement is just one of
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the three main financial statements along with the balance sheet and the cash flow statement.
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I've made videos covering both of these already which you can find here and here.
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If you found this one useful give it a like or better yet share it with a friend, why not?
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Don't forget to subscribe for more accounting tutorials.
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I'll see you around.
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Vocabulaire et conseils d’expression pour cette leçon
Cette leçon d’expression orale de niveau C1 s’appuie sur la vidéo « The INCOME STATEMENT Explained ». Les mots qui reviennent le plus souvent : profit, cost, statement, income, sales. Cette vidéo contient 142 phrases et 1913 mots à répéter en shadowing. La partie parlée dure 11:20. Le locuteur parle à un rythme naturel d’environ 169 mots par minute, proche d’une conversation courante. 86 % des mots font partie des 3 000 mots les plus courants en anglais ; le reste mérite d’être vu avant de commencer.
Vocabulaire clé de cette vidéo
Les 15 mots les plus avancés de la vidéo, avec leur prononciation et leur sens :
| Mot | Prononciation | Sens |
|---|---|---|
| deduct verbe | /dɪˈdʌkt/ | décompter, déduire |
| overhead nom | /ˈəʊvəˌhɛd/ | frais généraux |
| indirect adjectif | /ˌɪn.daɪˈɹɛkt/ | indirect |
| comparative adjectif | /kəmˈpæɹətɪv/ | comparatif |
| calculate verbe | /ˈkælkjʊleɪt/ | calculer |
| imaginary adjectif | /ɪˈmæd͡ʒɪˌn(ɛ)ɹi/ | imaginaire |
| metric adjectif | /ˈmɛt.ɹɪk/ | métrique |
| incur verbe | /ɪnˈkɝ/ | s'exposer à, encourir |
| accountant nom | /əˈkaʊn.tənt/ | comptable |
| tutorial nom | /ˌtjuːˈtɔːɹɪəl/ | didacticiel, tutoriel |
| analyze verbe | /ˈæn.əˌlaɪz/ | analyser |
| subscribe verbe | /səbˈskɹaɪb/ | abonner, s'abonner |
| amortization nom | /ˌæmɚtəˈzeɪʃən/ | amortissement |
| correlate verbe | /ˈkɔɹəleɪt/ | corréler |
| depreciation nom | /dɪˌpɹiːʃɪˈeɪʃən/ | dépréciation |
Les verbes à particule que vous entendrez
| Mot | Prononciation | Sens |
|---|---|---|
| come out verbe | /ˌkʌm ˈaʊt/ | sortir |
| end up verbe | se terminer, se finir | |
| find out verbe | découvrir, savoir | |
| take out verbe | supprimer, sortir | |
| work out verbe | /ˌwɝk ˈaʊt/ | calculer |
Des phrases à répéter
Des phrases courtes et complètes de la vidéo, à réutiliser dans la conversation de tous les jours :
- Let's take a closer look at our income statement.
- I'll show you how that works in a minute.
- What have we got here?
- What can we learn from all of this?
La grammaire de cette vidéo
Les structures que le locuteur utilise le plus, avec les mots exacts de la vidéo :
| Structure | Dans la vidéo |
|---|---|
| Phrases conditionnelles if + proposition, will/would + verbe — une condition et son résultat | If you're new to accounting then you'll soon |
| Present perfect have/has + participe passé — une action passée qui compte encore maintenant | I've already made · haven't posted · I've received |
| Voix passive be + participe passé — l’accent est mis sur ce qui arrive, pas sur qui le fait | is also known · can be broken · be traced |
| Propositions relatives who / which + proposition — une précision sur une personne ou une chose | costs, which can · profit which can |
Prononciation à surveiller
Le locuteur utilise 33 contractions et formes réduites, comme we've, I'll, you're. Prononcez-les sous leur forme courte, telles que vous les entendez.
- Les sons « sh » et « zh »: amortization /ˌæmɚtəˈzeɪʃən/, depreciation /dɪˌpɹiːʃɪˈeɪʃən/, snapshot /ˈsnæpʃɒt/, correlation /ˌkɔɹ.əˈleɪ.ʃən/
- Mots longs — placez bien l’accent: comparative /kəmˈpæɹətɪv/, imaginary /ɪˈmæd͡ʒɪˌn(ɛ)ɹi/, amortization /ˌæmɚtəˈzeɪʃən/, depreciation /dɪˌpɹiːʃɪˈeɪʃən/, residual /ɹɪˈzɪd͡ʒ.u.əl/
Les sons difficiles pour les francophones :
- /h/ — il se souffle, il n’est pas muet: overhead /ˈəʊvəˌhɛd/, wholesale /ˈhoʊlseɪl/
- /tʃ/ et /dʒ/ — à ne pas adoucir en « ch » et « j »: imaginary /ɪˈmæd͡ʒɪˌn(ɛ)ɹi/, residual /ɹɪˈzɪd͡ʒ.u.əl/, analogy /əˈnæləd͡ʒi/, unchanged /ʌnˈt͡ʃeɪnd͡ʒd/
- /r/ anglais — langue recourbée, sans frotter la gorge: indirect /ˌɪn.daɪˈɹɛkt/, comparative /kəmˈpæɹətɪv/, imaginary /ɪˈmæd͡ʒɪˌn(ɛ)ɹi/, metric /ˈmɛt.ɹɪk/, tutorial /ˌtjuːˈtɔːɹɪəl/
Comment s’entraîner avec cette vidéo
- Écoutez la vidéo en entier une fois sans parler et notez les mots que vous ne connaissez pas.
- Commencez à la vitesse 0,75×, répétez phrase par phrase, puis revenez à la vitesse normale quand cela devient facile.
- Enregistrez-vous et comparez avec l’original, en faisant attention à des mots comme deduct, overhead, indirect.
Qu'est-ce que la technique du Shadowing ?
Le Shadowing est une technique d'apprentissage des langues fondée sur la science, développée à l'origine pour la formation des interprètes professionnels. Le principe est simple mais puissant : vous écoutez de l'anglais natif et le répétez immédiatement à voix haute — comme une ombre suivant le locuteur avec un décalage de 1 à 2 secondes. Les recherches montrent une amélioration significative de la précision de la prononciation, de l'intonation, du rythme, des liaisons, de la compréhension orale et de la fluidité.