MANAGEMENT

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.

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: -An income statement is a report that shows how much revenue a company earned over a specific time period (usually for a year or some portion of a year). An income statement also shows the costs and expenses associated with earning that revenue.

Detailed explanation-4: -While it is arrived at through the income statement, the net profit is also used in both the balance sheet and the cash flow statement.