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.


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.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Income Statement. Payroll & Accounting Heaven Ltd. February 29, 2020
Chicago Manual of Style (CMS):
Income Statement. Payroll & Accounting Heaven Ltd. (accessed: February 29, 2020).
American Psychological Association (APA):
Income Statement. Retrieved February 29, 2020, from website:

Definition Sources

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

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

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