Accounting Definition Of Income Statement
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An Income Statement Is A Financial Statement That Reports A Company S Financial Performance Over A Accounting And Finance Bookkeeping Business Income Statement
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A Balance Sheet Is Basically A Statement Of Assets And Claim Over Assets Of An Entity As At A Particul Bookkeeping Business Accounting Notes Financial Position
The income statement also called a profit and loss statement is a report made by company management that shows the revenue expenses and net income or loss for a period.
Accounting definition of income statement. Of all the financial statements income statement is very popular and important. In particular this statement shows how well the company was able to profit in the period covered in the statement. The income statement is an essential part of the financial statements that an organization releases. Thus an income statement is a statement in which revenues for a period of time are matched with expenses for the same period of time.
Income statement shows net profit or net loss arising out of activities of a particular accounting period of any business organization. If revenues exceed the expenses the result is net income and if expenses exceed the revenues the result is net loss. The income statement is one of the main four financial statements that are issued by companies. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time.
The income statement may be presented by itself on a single page or it may be combined with other comprehensive income information. An income statement is one of the three along with balance sheet and statement of cash flows major financial statements that reports a company s financial performance over a specific accounting. The other parts of the financial statements are the balance sheet and statement of cash flows. The income statement reports the revenues gains expenses losses net income and other totals for the period of time shown in the heading of the statement.
The income statement is also referred to as the profit and loss statement p l statement of income and the statement of operations. Balance sheet income statement statement of owner s equity and statement of cash flows. The income statement is one of three statements.
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