Income Statement Profit Or Loss

Therefore the statement of profit or loss includes all realised gains and losses e g.
Income statement profit or loss. The profit and loss p l statement is a financial statement that summarizes the revenues costs and expenses incurred during a specified period usually a fiscal quarter or year. Example following is an illustrative example of an income statement prepared in accordance with the format prescribed by ias 1 presentation of financial statements. The income statement is also known as statement of income or statement of operations. Income statement also known as profit loss account is a report of income expenses and the resulting profit or loss earned during an accounting period.
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