ECONOMICS

Detailed explanation-1: -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-2: -Income statement (profit and loss statement) It accumulates information over a set period (typically annually, monthly or quarterly). Key elements of the income statement include revenue and expenses. Combined, these numbers yield the net income (or loss).

Detailed explanation-3: -An income statement is a financial statement that reports the revenues and expenses that have been generated and incurred during an accounting period and provides the net income or net loss generated. It is a primary financial statement that comments on the financial performance of the company over the period.