Definition of Income Statement | Financial Statement

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Income Statement Definition

Term Definition
A report that summarizes a business’s expenses and income over a specific period of time.

Extended Definition
The income statement measures a business’s performance and, over time, can predict patterns of revenues and expenses. Similar to a profit and loss statement (P&L), banks and investors refer to a company’s income statement to evaluate a business’s solvency.

Related Article
What Is an Income Statement?
What Is P&L Management?

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