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income statement
(redirected from Profit and loss statement)

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia 0.01 sec.

income statement

In accounting, the activity-oriented financial statement issued by businesses. Covering a specified time, such as three months or one year, the income statement is a summary of revenues and expenses. It also lists gains and losses from other transactions, such as the sale of assets or the repayment of debt. Standard accounting rules govern the procedures for recording each item.



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Numbers annualised from 6 months actuals on profit and loss statement.
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The Profit and Loss statement is used to determine if a company is making a profit or a loss within a specified operations period.
 
 
 
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