Other Names For The Income Statement

Sometimes the word consolidated is thrown in front of those phrases but it s still just an income statement.

Other names for the income statement. 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. Income statement video explanation. The p l shows how much money a business made over its related.

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. Another name for an income statement is the profit and loss p l statement. Understanding an income statement is essential. As far as.

Discover the top 10 types each of these statements will impact the values of the other statements. 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. 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. Within financial statements names for some items vary from one company to another.

Sometimes an income statement is a profit and loss 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. Income statements show the revenue expenses and profits for a specific time period.