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: -An income statement reports a business’s revenues, expenses, and overall profit or loss for a specific time period. It’s one of the 3 major financial statements that small businesses prepare to report on their financial performance, along with the balance sheet and the cash flow statement.

Detailed explanation-3: -Income Statement. Unlike the balance sheet, the income statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements. The income statement provides an overview of revenues, expenses, net income, and earnings per share.

Detailed explanation-4: -There are three main financial statements: income statement, balance sheet, and cash flow statement. Each type of financial statement reports varying information during a period (e.g., month, quarter, etc.). Using statements gives you insight into several areas of your business’s financial health.

Detailed explanation-5: -Your income statement (sometimes called a statement of revenue and expense) shows the revenue your practice earned and the costs associated with running your business. Although an income statement can be prepared for any interval, it is usually prepared annually.