Income statement
Income statement (alternatively known as profit and loss report; hereinafter, the Report) is the financial report that details the performance of an organization stating its Fiscal Revenue minus Expenses for a specific period of time.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Income statement. An accounting statement that details the performance of an organization (revenue minus expenses) for a specific period of time.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
