Income Statement - What is income statement and example?

Q: What is income statement and example?

The income statement definition is a financial statement that shows a company's revenues and expenses over a period of time. ... Basically, it starts with the money a company earns, and subtracts out the costs of running the business to get the company's profit or loss.

Answer

An income statement is a type of financial statement that summarizes the income and expenditures of a business for a certain accounting period. To calculate a company's profit or loss, one must first take its revenue and deduct its operating expenses.

Income Statement - What is income statement and example?

Other useful ERP terms

AI suggestions