BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An income statement is a financial statement that shows you the company’s income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.

Detailed explanation-2: -Statement #1: The income statement The income statement is read from top to bottom, starting with revenues, sometimes called the “top line.” Expenses and costs are subtracted, followed by taxes. The end result is the company’s net income-or profit-before paying any dividends.

Detailed explanation-3: -An income statement shows a company’s revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement.

Detailed explanation-4: -Income statement provides financial performance of the business. It compares the revenue generated by a company compared to the expenses incurred during the period to arrive at the net result, profit or loss of the company.

Detailed explanation-5: -Profit and Loss (P&L) Statement A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.