The other name for "income statements" are:
profit and loss statement, P&L, statement of earnings, or statement of operations.
Explanation:
- An income statement is the most important "financial statements" which has the ability to show to the company's financial performance over a specific accounting period.
- It includes the expenses, revenue and also the net income or loss for a particular accounting period.
- Revenue is earned and also reported to the statement of operations / income statement.
Definition of the term:
Revenue: Money received through sale of products or services
Uses of income statement:
To determine the operating performance of your business over a period of time
