48+ Sample Personal Income Statement Pictures. The income statement, also called the profit and loss statement, is a report that shows the income, expenses, and resulting profits or losses of a company during a specific time period. By definition, an income statement is a document that contains all the information about the expenses and income of a business.
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The income statement can either be prepared in report format or account format.
An income statement is a financial statement that shows you how profitable your business was over a given reporting period. All income statements must show earnings per share for each significant subtotal item gaap deals with disclosure of information in financial statements, not with bookkeeping procedures. In addition to that, writing income statements periodically allows you to compare the results of each cycle and identify possible discrepancies. An income statement is a financial statement that shows you how profitable your business was over a given reporting period.