UK Accounting Glossary
Financial statement presenting revenues, expenses, and profit. Also called profit and loss account.
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.
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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This glossary post was last updated: 23rd December 2018.