Income Statement Also Known As

The income statement also known as the profit and loss p l statement is the financial statement that depicts the revenues expenses and net income generated by an organization over a specific.

Income statement also known as. The income statement is also known as the statement of operations profit and loss statement and statement of earnings. It is one of a company s main financial statements. It reports a firm s gross income expenses net income and the income that is available for distribution to its preferred and common shareholders. Along with the balance sheet and the cash flow statement the income statement is one of the three basic financial statements.

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. Use this accessible template to create an income statement. It reports a firm s gross income expenses net income and the income that is available for distribution to its preferred and common shareholders. Income statement the income statement also known as the profit and loss p l statement provides a snapshot of the financial performance of a company during a specified period of time.

The purpose of the income statement is to report a summary of a company s revenues expenses gains losses and the resulting net income that occurred during a year quarter or other period of time. An income statement or profit and loss account also referred to as a profit and loss statement p l statement of profit or loss revenue statement statement of financial performance earnings statement statement of earnings operating statement or statement of operations is one of the financial statements of a company and shows the company s revenues and expenses during a particular period. Revenue also referred to as sales or income forms the beginning of a company s income statement and is often considered the top line of a business. And subtract them from each other rather than to forecast future gross.

Correct answer to the question the income statement also known as a profit and loss p l statement provides a snapshot of a company s financial performance during a specified period of time.