Income Statement Revenue Items

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.

Income statement revenue items. Revenue does not necessarily mean cash received. I revenue expenditure and ii revenue receipts. Sales revenue sales revenue is the income received by a company from its sales of goods or the provision of services. There are two main types of revenue items.

In the context of corporate financial reporting the income statement summarizes a company s revenues sales and expenses quarterly and annually for the fiscal year. Cost of goods sold. In accounting the terms sales and revenue can be and often are used interchangeably to mean the same thing. Revenue items are those items having short term effects on business normally less than one year.

The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities. The income statement is one of a company s core financial statements that shows their profit and loss profit and loss statement p l a profit and loss statement p l or income statement or statement of operations is a financial report that provides a summary of a over a period of time.