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

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