Income Statement

The Income Statement

The Income Statement is sometimes called the Profit and Loss Statement or the Statement of Financial Performance.

The statement details the revenues earned by the business and the expenses that the business has incurred in earning that revenue.

The difference is either profit  or a loss. Profit occurs if the revenues are greater than expenses. A loss occurs if the expenses are greater than revenues.

This infographic shows you how to calculate the profit or loss.

Income Statement or Profit and Loss statement

Now learn more about this in our free resources and low cost business tutorials.

08

Oct'18

Accounting Questions and Answers

Accounting Questions and Answers Learn the basics with these accounting questions and answers so you succeed with your accounting study.

Read More

10

Jan'18

What is the Income Statement?

What is the Income Statement? The Income Statement is also called the Profit and Loss Statement or the Statement of Financial Performance. This statement details the revenues earned by the business and the expenses incurred in earning that revenue. This is because it is important to correctly match revenues and …

Read More