Income Statement Is Also Called As

Also known as the profit and loss statement or the statement of revenue and expense the income statement primarily focuses on the company s revenues and expenses during a particular period.

Income statement is also called as. The income statement also called the profit and loss statement is a report that shows the income expenses and resulting profits or losses of a company during a specific time period. The income statement is also known as a profit and loss statement statement of operation statement of financial result or income or earnings statement. 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. It is one of a company s main financial statements.

Also sometimes called a net income statement or a statement of earnings the income statement is one of the three most important financial statements in financial accounting along with the balance sheet and the cash flow statement or statement of cash flows. 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. 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. It reports a firm s gross income expenses net income and the income that is available for distribution to its preferred and common shareholders.

The income statement tells us whether the business enjoyed net income or suffered a net loss. Importance of an income statement an income statement helps business owners decide whether they can generate profit by increasing revenues by decreasing costs or both.