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income statement |
Also found in: Dictionary/thesaurus, Wikipedia | 0.07 sec. |
income statementIn 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Like many of you, I would be reluctant to run a personal profit-and-loss statement on the direct payback I've received for the time I've invested in the AICPA and my state society. Eight to 10 pages in length, the financial plan includes a series of financial statements: a balance sheet, income or profit-and-loss statement, operating budget, cash-flow analysis and break-even analysis. John Holbert, co-owner of Sun Valley-based Bardwell's Florist, said he plans to compare his profit-and-loss statement with the one that shows up on the computer screen. |
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profit-and-loss statement
