Практика Shadowing: The INCOME STATEMENT Explained (Profit & Loss / P&L) - Изучайте разговорный английский по видео

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In this video you'll learn what an income statement is.

I'll show you what it looks like and how you can use it to measure a business's financial performance.

Hey there, welcome back to Accounting Stuff.

I'm James and in today's video we're going to cover the income statement.

Also known as the profit and loss statement or the P&L for short.

This is one of the three major financial statements in accounting along with the balance sheet and the cash flow statement.

Collectively these reports give us an impression of a business's financial health so it's important that we understand how they work.

I've already made videos covering the balance sheet and the cash flow statement

which you can find linked up here and down below in the description

but up until now I haven't posted a video yet on the income statement

and I've received a lot of requests from you guys to cover this topic

so thanks for all these particularly from one subscriber so Niloy

if you're watching this video goes out to you good luck in your exam hope you crush it.

An income statement is the summary of a business's revenues and expenses over a period of time.

In its basic form an income statement looks like this it's a summary of a business's revenues

and expenses over a period of time.

When we take our total revenue and and subtract our expenses from it then we work out our profit or our loss.

We make a profit when our revenues exceed our expenses

and on the flip side we make a loss when our expenses are more than the income we've earned.

This is why the income statement is also known as the profit and loss statement or the P&L for short.

It lays out a roadmap for how we ended up here at the bottom line our profit or loss.

The income statement always covers a period of time

which could be anything that we want it to be but typically we run it for a month, a quarter or a full year.

Here's a helpful analogy that I read in this book The Accounting Game which I recommend reading if you're new to accounting.

You can find my review of it up here.

Anyway back to it.

If a balance sheet shows us a snapshot of a business's assets, liabilities and equity at a single point in time,

then you can think of it as a photograph or a still frame taken from a video.

Whereas the income statement covers a period of time.

It's like watching a clip of that video.

It has a beginning and it has an end.

And if we look at it carefully and analyze it, then it can tell us a story.

But more on that later.

Let's take a closer look at our income statement.

Revenues, less expenses, make us a profit or a loss.

The problem with this layout is that it doesn't give us much detail.

It would be much better if we made things a little more descriptive.

For instance, revenue.

There are many different types of revenue.

If we were running a business that sells physical products then we might want to call this product sales instead.

Or if we provide services we could call this our services rendered.

This extra detail helps the readers of the income statement better understand what they're looking at.

Clarity is the aim of the game here.

The same goes for expenses.

Businesses typically incur many different types of expense but broadly speaking these can be broken down into two categories.

Our direct costs of doing business and our indirect costs of running the business.

Our direct costs of doing business are the costs

which we can directly trace through to the products we've sold or the services that we've provided.

For a business that provides services we might call this our cost of services

and if we sell physical goods then we could call this our cost of sales or our cost of goods sold.

Direct costs like these are variable costs which increase in direct proportion to the sales that we've made.

If you are running a retail

or a wholesale business then these would include things like the original purchase price of the product

that you're reselling or

if you've run a manufacturing business then this would include the cost of your raw materials

or the direct labor cost that went into producing your product.

As we make more sales we incur more of these direct costs.

Cost of goods sold can be a bit of a tricky concept to understand at first.

It ties in very closely with inventory in the balance sheet.

If you'd like to see me make a video explaining how all of

that works then let me know down below in the comments

and if you haven't already remember to hit that subscribe button

so you don't miss out on all of the other accounting tutorials that we have coming out very soon.

Back to the income statement.

When we take our revenue and deduct our direct costs of doing business we get to our gross profit.

If you're new to accounting then you'll soon discover that we have many different types of profit.

Our gross profit is a really useful tool that allows us to measure the efficiency of our production and sales process.

I'll show you how that works in a minute.

But first let's jump back to indirect costs.

These are the costs of running a business

which can't directly be traced back to the production of goods or the provision of services.

We sometimes call these overheads.

Overheads can include fixed costs like rent, employee salaries, insurance costs, admin expenses,

legal costs, accounting costs, marketing costs, depreciation and amortization.

Whoa, there's a lot of them.

Fixed costs like these tend to remain the same.

They bear no correlation at all to the sales that your business has made.

However, not all overheads are fixed.

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.

These include things like advertising costs, which can indirectly drive sales and sales commissions.

Utility costs could also be considered a variable overhead in a manufacturing business because these can increase as we ramp up production.

When we deduct our indirect costs of doing business from our gross profit, we come to our operating profit.

Operating profit measures the net income that we generated from operations.

This is the residual amount that's left over after deducting all of our direct and indirect costs of doing business.

So this is our basic income statement.

But how does it help us measure a business's financial health?

It does that by giving us a means to compare our financial performance against comparative accounting periods.

A comparative period is a different period of time.

It can be whatever we want it to be.

We could compare a current month income statement against last month's income statement or this year versus last year.

When we use comparative periods we can calculate the change

or movement across each line item down the profit and loss statement

and as accountants it's our job to support these movements with a narrative which explains all of the differences.

Let's throw in some numbers into an imaginary company and I'll show you what I mean.

We'll compare the movements in our P&L year on year.

This is going to be for a medium-sized business so we can quote our numbers in thousands of dollars.

What have we got here?

Our imaginary company has made sales of $110,000 which is up $10,000 from what we made in the prior year.

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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FOR YOU

Лексика и советы по произношению к этому уроку

Этот урок разговорной практики уровня C1 построен на видео «The INCOME STATEMENT Explained». Чаще всего повторяются слова: profit, cost, statement, income, sales. В этом видео 142 предложений и 1913 слов для шедоуинга. Речь длится 11:20. Говорящий говорит в естественном темпе, около 169 слов в минуту, близком к повседневной речи. 86% слов входят в 3000 самых частых слов английского языка; остальные стоит разобрать перед занятием.

Ключевая лексика этого видео

Самые сложные слова из видео (15), с произношением и значением:

Слово	Произношение	Значение
deduct глагол	/dɪˈdʌkt/	вычита́ть, вы́честь
overhead существительное	/ˈəʊvəˌhɛd/	накладны́е расхо́ды
indirect прилагательное	/ˌɪn.daɪˈɹɛkt/	ко́свенный, непрямо́й
comparative прилагательное	/kəmˈpæɹətɪv/	сравни́тельный
calculate глагол	/ˈkælkjʊleɪt/	вычисля́ть, вы́числить
imaginary прилагательное	/ɪˈmæd͡ʒɪˌn(ɛ)ɹi/	вообража́емый, мни́мый
metric прилагательное	/ˈmɛt.ɹɪk/	метри́ческий
incur глагол	/ɪnˈkɝ/	подвергну́ть, подверга́ть
accountant существительное	/əˈkaʊn.tənt/	отве́тчик, отве́тчица
tutorial существительное	/ˌtjuːˈtɔːɹɪəl/	посо́бие, уче́бник
analyze глагол	/ˈæn.əˌlaɪz/	анализи́ровать, проанализи́ровать
subscribe глагол	/səbˈskɹaɪb/	подпи́сывать, подписа́ть
amortization существительное	/ˌæmɚtəˈzeɪʃən/	амортиза́ция
correlate глагол	/ˈkɔɹəleɪt/	соотноси́ть, соотнести́
depreciation существительное	/dɪˌpɹiːʃɪˈeɪʃən/	амортиза́ция, обесце́нивание

Фразовые глаголы, которые вы услышите

Слово	Произношение	Значение
come out глагол	/ˌkʌm ˈaʊt/	выходи́ть, вы́йти
end up глагол		зака́нчиваться, зако́нчиться
find out глагол		узнава́ть, узна́ть
take out глагол		вынима́ть, вы́нуть
work out глагол	/ˌwɝk ˈaʊt/	рассчи́тывать, рассчита́ть

Фразы, которые стоит повторять

Короткие законченные фразы из видео, которые пригодятся в повседневном разговоре:

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?

Грамматика в этом видео

Конструкции, которые говорящий использует чаще всего, с точными словами из видео:

Конструкция	В видео
Условные предложения if + предложение, will/would + глагол — условие и его результат	If you're new to accounting then you'll soon
Present Perfect have/has + причастие прошедшего времени — прошлое действие, важное сейчас	I've already made · haven't posted · I've received
Пассивный залог be + причастие прошедшего времени — важно, что происходит, а не кто это делает	is also known · can be broken · be traced
Придаточные определительные who / which + предложение — уточнение о человеке или предмете	costs, which can · profit which can

Произношение, на которое стоит обратить внимание

Говорящий использует 33 сокращённых и редуцированных форм, например we've, I'll, you're. Произносите их коротко, так, как слышите.

Звуки «sh» и «zh»: amortization /ˌæmɚtəˈzeɪʃən/, depreciation /dɪˌpɹiːʃɪˈeɪʃən/, snapshot /ˈsnæpʃɒt/, correlation /ˌkɔɹ.əˈleɪ.ʃən/
Длинные слова — следите за ударением: comparative /kəmˈpæɹətɪv/, imaginary /ɪˈmæd͡ʒɪˌn(ɛ)ɹi/, amortization /ˌæmɚtəˈzeɪʃən/, depreciation /dɪˌpɹiːʃɪˈeɪʃən/, residual /ɹɪˈzɪd͡ʒ.u.əl/

Звуки, трудные для русскоязычных:

/h/ — лёгкий выдох, а не русское «х»: overhead /ˈəʊvəˌhɛd/, wholesale /ˈhoʊlseɪl/
Звонкие согласные в конце слова — не оглушайте их: overhead /ˈəʊvəˌhɛd/, comparative /kəmˈpæɹətɪv/, analyze /ˈæn.əˌlaɪz/, subscribe /səbˈskɹaɪb/, descriptive /dəˈskɹɪptɪv/

Как заниматься с этим видео

Прослушайте всё видео один раз молча и выпишите незнакомые слова.
Начните со скорости 0,75×, повторяйте предложение за предложением и вернитесь к обычной скорости, когда станет легко.
Запишите себя и сравните с оригиналом, обращая внимание на такие слова, как deduct, overhead, indirect.

Что такое техника Shadowing?

Shadowing — это научно обоснованная техника изучения языка, изначально разработанная для подготовки профессиональных переводчиков и популяризированная полиглотом доктором Александром Аргуэльесом. Метод прост, но эффективен: вы слушаете аудио на английском от носителей языка и немедленно повторяете вслух — как тень, следующая за говорящим с задержкой в 1–2 секунды. В отличие от пассивного прослушивания или грамматических упражнений, Shadowing заставляет мозг и мышцы рта одновременно обрабатывать и воспроизводить реальные речевые паттерны. Исследования показывают, что это значительно улучшает точность произношения, интонацию, ритм, связную речь, понимание на слух и беглость речи — что делает его одним из самых эффективных методов для подготовки к IELTS Speaking и реального общения на английском.

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Практика Shadowing: The INCOME STATEMENT Explained (Profit & Loss / P&L) - Изучайте разговорный английский по видео

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