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What does income statement mean.
Income statement is meaning. A document that shows a company s profit or loss in a particular period of time. Income statement shows net profit or net loss arising out of activities of a particular accounting period of any business organization. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. 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 profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting. The income statement is one of the main four financial statements that are issued by companies. Meaning of income statement. The income statement is one of the major financial statements used by accountants and business owners.
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. Income statements are 2 types single step income statement and multiple step income statement for finding net profit or loss an accounting period. Information and translations of income statement in the most comprehensive dictionary definitions resource on the web. The other major financial statements are the balance sheet statement of cash flows statement of comprehensive income and the statement of stockholders equity the income statement is sometimes referred to as the profit and loss statement p l statement of operations statement of.
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