Income Statement

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

See Also

• Statement of Financial Position