Define: Income Statement

UK Accounting Glossary

Definition: Income Statement


Quick Summary of Income Statement


Financial statement presenting revenues, expenses, and profit. Also called profit and loss account.



What is the dictionary definition of Income Statement?

Dictionary Definition


A financial report showing a company’s performance over a period of time by subtracting expenses from revenue to obtain net income. Sometimes known as a profit and loss statement (P&L) or earnings report.


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Examples of Income Statement in a sentence


The corporation’s income statement for the last fiscal year shows a 50% increase in sales.
A typical quarterly report to shareholders includes a summary of the company’s income statement.



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Definition Sources


Definitions for Income Statement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.