MANAGEMENT

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: -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-3: -Profit and loss (P&L) statement refers to a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a quarter or fiscal year.

Detailed explanation-4: -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.