Accounting glossary
What is income statement?
Another name for the Profit & Loss statement: revenue at the top, costs and expenses subtracted in order, net income at the bottom. It narrates a period — a month, a quarter, a year — rather than a moment.
Example
Income of $287,083 less expenses of $5,212 gives a net profit of $281,871 for the period. That statement is the income statement, also called the profit and loss.
It covers a span of time, which is why changing the date range changes every number on it.
In SeroBooks
Six P&L views, including by month and by location. Financial statements →