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income statement
(redirected from Trading and Profit and Loss Account (UK))

    Also found in: Financial, Wikipedia 0.03 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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