Statement of Comprehensive Income
(see Income Statement).
Formula
Gross Profit = Revenue − Cost of Sales; Operating Profit = Gross Profit − Operating Expenses; Net Profit = Operating Profit − Interest − Tax
Real World
Tesco's 2023 Statement of Comprehensive Income showed revenue of £65bn but a net profit margin of just 2.3%, illustrating how slim margins are in supermarket retailing.
Exam Focus
Always use the correct modern term 'Statement of Comprehensive Income' in answers — examiners penalise outdated 'profit and loss account' references.
How well did you know this?