Income Statement

Definition

  • A statement that allows an individual to calculate his or her company's pre-tax profits by subtracting total expenses from total revenues. Also referred to as a profit and loss statement or P&L.

Synonyms
salary, earnings statement, bottom line

Alternate Spellings
profit & loss statement, P&L, profit & loss, profit and loss statement

Related Terms and Acronyms

  • Cash Flow Definition,
    • The money an investment produces after subtracting cash expenses from income.
  • Cash Flow Forecast Definition,
    • An estimate of when and how much money will be received and paid out of a business. It usually records cash flow on a month-by-month basis for a period of two years.
  • Not-for-Profit Definition,
    • An Organization operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit.
  • Surplus Definition,
    • When an entity's income exceeds its expenses.
  • Year-end Statement Definition,
    • A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.
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