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. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.

Detailed explanation-2: -The Revenue and Expense Statement Summary report, also known as the BAE (Budget, Actual, Encumbrance) report, shows the balances in different account ranges. In the report, the accounts provide drill through capability so that you can see the specific transactions creating each balance.

Detailed explanation-3: -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.