Income statement incorporate two type of account expense and revenues. Income statement is mainly use for the tracking of revenue(amount earned by the product and services) and expenses (amount spend on products and services).Income statement show the performance of the company on the basis of profit or loss. Change in performance (expense,revenues and profit) can be determine by comparing last year income statement figures with the current year income statement. Income Statement developed on monthly, quarterly. semi annually and annually depend upon company policy.
Income Statement Format