The "Income Statement" is a financial statement that summarizes a company's revenues and expenses and the resulting net income. It is the first financial statement that is prepared and is a valuable tool in an accounting information system.
An income statement provides information regarding the "results of operations" of a business, or otherwise known as "financial performance".
In this series of lessons, you will learn about the different accounts you may encounter in an income statement, examples for each type of business, and the formats used in preparing this report.
An income statement presents all revenues earned and all expenses incurred by a company over a particular period of time. In this lesson, you will learn about various types of revenue and expense accounts. Learn more..
Here are income statement examples for service, merchandising and manufacturing businesses. Learn how they look like and discover their differences and similarities. Each is explained to help you learn more about the income statement. Learn more.
Income statements can either be presented using the single-step format or the multi-step format. Learn about these formats that are widely used in actual business practice. Learn more..