ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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profit and loss statement
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personal financial statement
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statement of cash flows
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balance sheet
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Detailed explanation-1: -The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.
Detailed explanation-2: -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. It shows your: revenue from selling products or services.
Detailed explanation-3: -Net income is gross profit minus all other expenses and costs as well as any other income and revenue sources that are not included in gross income. Some of the costs subtracted from gross to arrive at net income include interest on debt, taxes, and operating expenses or overhead costs.