Income statement
A financial statement that reports an entity’s income for a period of time, usually for a fiscal quarter or fiscal year (as contrasted with the balance sheet, which shows the status of assets, liabilities and owner’s equities at one point in time).
The income statement generally shows how income figures result by subtracting the entity’s costs and expenses from its total sales revenues.
Income = All Revenues - All expenses and costs
The income statement is also called a profit and loss statement, or "P&L"
© Copyright Solution Matrix Ltd. 2004 - 2008
