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Also sometimes called a net income statement or a statement of earnings the income statement is one of the three most important financial statements in financial accounting.
Income statement definition for business. An income statement is a financial statement that states the losses incurred and profits accrued by a company over a period of time. Income statements summarize the financial activities of a business during a particular accounting period which can be a month quarter year or some other period of time that makes sense for a business s needs. Business income is any income realized as a result of business activity. Business income is a type of earned income and is classified as ordinary income for tax purposes.
Read business terms glossary by. Normal practice is to include three accounting periods on an income statement. The current period plus two prior periods. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting.
What is an income statement. What is an income statement. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. It is a financial statement that also reflect the revenues and expenses of a company over a particular time.
Essentially the different measures of profitability in a multiple step income statement are reported at four different levels in a business operations gross operating pre tax and after tax. It shows your revenue minus your expenses and losses. An income statement is a financial statement that shows you how profitable your business was over a given reporting period.
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