Other Names For Income Statement

Within financial statements names for some items vary from one company to another.

Other names for income statement. The p l shows how much money a business made over its related. Another name for an income statement is the profit and loss p l statement. Income statement video explanation. Calculating ni for.

There are many different names for an income statement including a profit and loss statement p l statement of earnings or statement of operations. Income statements show the revenue expenses and profits for a specific time period. The income statement or profit and loss report is the easiest to understand it lists only the income and expense accounts and their balances. Income statement and balance sheet overview.

Sometimes an income statement is a profit and loss statement. See full answer below. 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.

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. 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. 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. Discover the top 10 types each of these statements will impact the values of the other statements.

The income statement totals the debits and credits to determine net income before taxes the income statement can be run at any time during the fiscal year to show a company s profitability. Understanding an income statement is essential.