Definition of Income Statement | Financial Statement

Accounting Definitions

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Income Statement Definition

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

Income Statement 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.

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Last Updated By

Jenna Hutkowski | Apr 12, 2023

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