The Income Statement

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Income Statement also known as Profit & Loss (P&L) & statement of earnings This financial statement measures the company’s financial performance over a specific period of time. It is a summary of the company’s operating and non-operating activities. The end result is either a Net Profit or Net Loss. This is 1 or the 3 major financial statements that every business should have. The statement is VERY important because it demonstrates to owners, managers, investors and accountants whether the company made or lost money during a period of time. The statement can also assist managers, & accountant with setting a budget for the company. ~ THE BOOKKEEPING EXPERT

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