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Created July 7, 2017 08:14
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Contents of income statement




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The income statement shows the business's income, expenses, gains, and losses. The end product of these transactions is net income or loss. Some also call The Income statement (I/S) is a financial accounting report showing a company's income (or earnings) for a given time period. The statement shows the period's incoming revenues, along with the outgoing expenses that brought them. These are Gross profit, Operating profit, and Net profit (Net income). The income statement consists of revenues (money received from the sale of products and services, before expenses are taken out, also known as the "top line") and expenses, along with the resulting net income or loss over a period of time due to earning activities. The purpose of the income statement format is to allow for dissection of the revenues, expenses, operating income, and profits of an entity. An income statement is a financial statement that reports a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating 24 Mar 2004 While the balance sheet constitutes a financial "snapshot" at a given point in time (such as December 31), the income statement summarizes a Income statement (also referred to as (a) statement of income and expense or (b) statement of profit or loss or (c) profit and loss account) is a financial statement The income statement measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary Income Statement, also known as Profit & Loss Account, is a report of income, expenses and the resulting profit or loss earned during an accounting period.


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