Income Statement
From Open Risk Manual
Contents
Definition
The Income Statement is a financial statement that summarizes the revenues and costs incurred during a specific period of time, normally a fiscal quarter or 12 months.
Versions
- An income statement by nature is one in which expenses are disclosed according the nature of the expense categories
- An income statement by function is one in which expenses are disclosed according to the function of the expenses for the organization
- Single step income statement
- Multi step income statement
