Income Statement Main Items

The income statement is one of the five types of financial statements that report and present an entity s financial transactions including revenues expenses net profit or loss for a specific period of time.
Income statement main items. The income statement summarizes a company s revenues and expenses over a period either quarterly or annually. While the balance sheet constitutes a financial snapshot at a given point in time such as december 31 the income statement summarizes a financial movie of operational results over a period of time such as for the year ending december 31. The income statement may have minor variations between different companies as expenses and income will be dependent on the type of operations or business conducted. 3 3 1 income statement items.
However there are several generic line items that are commonly seen in any income statement.