What is another name for an income statement? (2024)

What is another name for an income statement?

The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.

What else is an income statement called?

An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a ...

What is another acceptable term for the income statement?

An income statement shows a company's revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement.

What is another name for the income statement quizlet?

Another name for an income statement is a profit and loss statement. In an ERP system, the balance sheet and P&L statements are database reports.

What is another name for the income statement in QuickBooks?

In QuickBooks, you want to go to the “profit and loss statement” when asked for an income statement. Also referred to as a P&L, the profit and loss statement is exactly the same thing as an income statement. The two accounting terms are used interchangeably.

What is another name for the income statement and balance sheet?

The balance sheet demonstrates how all assets, liabilities, and shareholders' equity are accounted for. The income statement, also known as the profit and loss statement, shows where a company's profits and expenses came from and went over the period.

What are the two types of income statement?

Single-step and multiple-step are two ways that companies complying with GAAP accounting standards can report income statements. Multiple-Step statements provide an in-depth look at a company's financial health, offering details about the company's wellbeing.

Is the same as an income statement?

An income statement is also called a profit and loss statement. The income statement provides information about a company's sales revenue, expenses, gains and losses. This information is important to investors and lenders. It indicates if the company was profitable during the given time.

What is the official income statement?

The income statement primarily focuses on a company's revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces a company's profit figure called net income.

Is the income statement also referred to as the balance sheet?

Time Covered: A balance sheet reports a company's finances for a specific date, such as January 1, 2022. An income statement reports a company's revenue and expenses over a specific period, such as January 1 – December 31, 2022. Owning vs Performing: A balance sheet reports what a company owns at a specific date.

What is another name for net income on the income statement?

Net income (NI) is known as the "bottom line" as it appears as the last line on the income statement once all expenses, interest, and taxes have been subtracted from revenues.

What's another name for an income statement and what does it show about a business?

A profit and loss (P&L) statement, also known as an income statement, is a financial statement that summarizes the revenues, costs, expenses, and profits/losses of a company during a specified period. These records provide information about a company's ability to generate revenues, manage costs, and make profits.

Is the income statement sometimes called the statement of operations?

The statement of operations is also known as an income statement or a profit & loss statement. A statement of operations is one of the essential financial statements. It's often presented with a balance sheet (statement of financial position), cash flow statement, and statement of retained earnings.

What is an income statement quizlet?

An income statement reports the revenues earned less the expenses incurred by a business over a period of time.

Is the income statement another name for the profit and loss account?

A profit and loss account is a primary financial statement, also known as an income statement, statement of profit or loss or statement of operations. It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss for that period.

Is cash flow statement another name for income statement?

For example, if you calculate cash flow for 2019, make sure you use 2018 and 2019 balance sheets. The CFS is distinct from the income statement and the balance sheet because it does not include the amount of future incoming and outgoing cash that has been recorded as revenues and expenses.

What is another name for the balance sheet statement?

Overview: The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed).

What are the 3 financial statements?

The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.

What is included in an income statement?

The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

What is a income statement in accounting?

An income statement is a financial report detailing a company's income and expenses over a reporting period. It can also be referred to as a profit and loss (P&L) statement and is typically prepared quarterly or annually. Income statements depict a company's financial performance over a reporting period.

What is both the balance sheet and income statement?

The balance sheet summarizes the financial position of a company at a specific point in time. The income statement provides an overview of the financial performance of the company over a given period. It includes assets, liabilities and shareholder's equity, further categorized to provide accurate information.

Is net income and income statement the same?

Net income, or net profit, is usually the last line item on a company's income statement, detailing the amount of money earned after taking into consideration all costs and expenses, such as operating costs, interest expenses, and taxes.

How do I make my own income statement?

What is the basic purpose of an income statement?

The purpose of an income statement is to provide financial information to investors, creditors, and readers, whether the company is profitable during the financial year. In the context of corporate finance, the income statement is the record of the company's profit and loss over the financial year.

What is a certified income statement?

What Is a Certified Financial Statement? A certified financial statement is a financial document, such as an income statement, cash flow statement, or balance sheet that has been audited and signed-off by an accountant.