Income Statement

What is an income statement?

Income Statement Definition: An income statement is one of the main reports prepared by an accountant or a company manager, which details all the streams of revenue and expenses of a business or organization.

These reports are typically presented at meetings to discuss profit or losses and develop strategies for improving business. The income statement is often reviewed alongside a balance sheet and cash flow statement, usually for a specific period. This report is used to analyze a company’s productivity and to troubleshoot solutions and improvements.

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