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10 January, 04:50

I identify the different names given to the income statement.

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  1. 10 January, 05:14
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    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
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