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Income Statement Definition - What Is Income Statement

Income Statement Meaning:

Income statement is also called as profit and loss account, which reflects the operational
position of the firm during a particular period. Normally it consists of one accounting year.
It determines the entire operational performance of the concern like total revenue generated
and expenses incurred for earning that revenue.

Income Statement
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

Income statement helps to ascertain the gross profit and net profit of the concern.
Gross profit is determined by preparation of trading or manufacturing a/c and net profit is
determined by preparation of profit and loss account.

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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