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income statement

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Acronyms, 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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s financial records usually consist of: * Income Statement * Balance Sheet * Cash Flow Statement An income statement, also called a Profit and Loss Statement, shows how a company?
Part II is an eight-line "Reconciliation of Net Income (Loss) per Income Statement With Net Income (Loss) of Includible Corporations.
Under Japanese accounting rules, a firm is allowed to book a latent loss on shareholdings either on an income statement or a balance sheet.
 
 
 
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