Question

Is turnover on the income statement the same as Sales?

Answer 1

No, turnover on the income statement is not the same as sales. Turnover typically refers to the number of times a company's inventory is sold and replaced in a given period, while sales typically refers to the total revenue generated from selling goods or services. The turnover figure on the income statement may be related to sales, but it also takes into account other factors such as cost of goods sold and average inventory levels.