What is Income Statement? Income Statement, Define Income statement

Income statement Or Profit and Loss Account
One of the Financial Statements of a company that shows the organization's, firm's, or company's revenue and expenses during a participial or specific period.

A business financial statement that lists revenues, expenses, and net income throughout a given period. Because of the various methods used to record transactions, the dollar values shown on an income statement often can be misleading. Also called earnings report, earnings statement, operating statement, profit and loss statement.

Also known as a profit and loss statement (P&L), revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations
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