Income statement
Income statement (alternatively known as profit and loss report, profits and losses, or P&Ls; hereinafter, the Report) is the financial report that details the performance of an organization stating its Fiscal Revenue minus Expenses for a specific period of time.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Income statement. An accounting statement that details the performance of an organization (revenue minus expenses) for a specific period of time.
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Income statement. Summarizes the firm's revenues and expenses over an accounting period. Net sales are shown at the top of each statement, after which various costs, including income taxes, are subtracted to obtain the net income available to common stockholders. The bottom of the statement reports earnings and dividends per share.
According to Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition),
- Income statements. Reports summarizing a firm's revenues, expenses, and profits during a reporting period, generally a quarter or a year.
According to the ASME EMBOK,
- Income Statement (P&Ls). An activity-oriented financial statement that covers a specific period of time and summarizes company revenues and expenses.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
