Other Names For Revenue On Income Statement

List of revenue accounts.

Other names for revenue on income 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. Sometimes the word consolidated is thrown in front of those phrases but it s still just an income statement. Service revenue revenue earned from rendering services. Other income 1 000.

Other account titles may be used depending on the industry of the business such as professional fees for professional practice and tuition fees for schools. As far as. Understanding an income statement is essential. 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.

There are many different names for an income statement including a profit and loss statement p l statement of earnings or statement of operations. Revenue also known as gross sales is often referred to as the top line because it sits at the top of the income statement. Income statements show the revenue expenses and profits for a specific time period. In income statement other income is presented after the other gross profit.

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. For example during the year the company make revenue usd500 000 cost of sales usd300 000 and other income usd5 000 then the extract p l of the company is as following. It is the principal revenue account of merchandising and manufacturing companies. Cogd 300 000 gross profit 200 000.

The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting. The net income or loss is known as the bottom line.