Other Names For An Income Statement

Another name for an income statement is the profit and loss p l statement.

Other names for an income statement. Below is a video explanation of how the income statement works the various items that make it up and why it matters so much to investors and company management teams. The p l shows how much money a business made over its related. Some also call the income statement a statement of profit and loss or p l. The income statement shows the business s income expenses gains and losses.

Net income ni is known as the bottom line as it appears as the last line on the income statement once all expenses interest and taxes have been subtracted from revenues. Sometimes the word consolidated is thrown in front of those phrases but it s still just an income statement. Generally accepted accounting practices gaap also refer to this report as statement of income because the income statement shows. As far as.

See full answer below. In the 500 years since the codification of the double entry bookkeeping and accounting system the names of its components have changed many times with different names being used by different accounting standards throughout the world. Within financial statements names for some items vary from one company to another. Synonyms for income statement include earnings statement operating statement profit and loss account profit and loss statement revenue statement statement of financial performance statement of profit or loss and statement of operations.

The income statement is one of three financial statements that stock investors rely on the other two are the balance sheet and cash flow 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. Income statement video explanation. Discover the top 10 types each of these statements will impact the values of the other statements.

Calculating ni for. The end product of these transactions is net income or loss. There are many different names for an income statement including a profit and loss statement p l statement of earnings or statement of operations.