income statement
n.
A statement of financial gains and losses over a twelve-month period; also called earnings report, operating statement, profit and loss statement.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


income statement
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.

income statement
USA
income statement, Also known as a profit and loss statement or a statement of operations.
A financial statement for companies that indicates how revenue (money received from the sale of products and services before expenses are taken out) is transformed into net income (the result after accounting for all revenues and expenses). The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


income statement
n. An accounting document setting forth the income and expense of a business organization over some period of time.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

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  • income statement — an accounting of income and expenses that indicates a firm s net profit or loss over a certain period of time, usually one year. * * * In accounting, the activity oriented financial statement issued by businesses. Covering a specified time, such… …   Universalium

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  • income statement — noun a financial statement that gives operating results for a specific period • Syn: ↑earnings report, ↑operating statement, ↑profit and loss statement • Hypernyms: ↑statement, ↑financial statement * * * noun see …   Useful english dictionary

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  • income statement — noun see income account …   New Collegiate Dictionary

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