The Income Statement Reports Revenues And Expenses

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 income statement reports revenues and expenses. The income statement summarizes a company s revenues and expenses over a period either quarterly or annually. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. The income statement can either be prepared in report format or account format. The income statement comes in two forms multi step and single step.

Also known as the profit and loss statement or the statement of revenue and expense the income statement primarily focuses on the company s revenues and expenses during a particular period.