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Income statement definition meaning. 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. Income statement definition an accounting of income and expenses that indicates a firm s net profit or loss over a certain period of time usually one year. A document that shows a company s profit or loss in a particular period of time. The income statement also called a profit and loss statement is a report made by company management that shows the revenue expenses and net income or loss for a period.
The income statement is one of the main four financial statements that are issued by companies. A financial statement that summarizes the various transactions of a business during a. Balance sheet income statement statement of owner s equity and statement.
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