One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders’ equity). The income statement is also referred to as the profit and loss statement, P&L, statement of income, and the statement of operations. The income statement reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement. If a company’s stock is publicly traded, earnings per share must appear on the face of the income statement.
To learn more about the income statement, see Income Statement Outline.
Featured Review
"I am a student starting over at 56. Accounting is not easy for me although I love learning it. The AccountingCoach has helped me clearly understand. It explains things in a way I understand. Accounting is not simple at first, I wonder if I will ever feel I 'know' it fully. But, I know I would not have an 'A' had I not found AccountingCoach. It has been well worth what little money I spent for it. I would be the best sales person for AccountingCoach since I share it with so many people. Thank God I found you!" - Lisa B.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: