- 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 as three months or one year, the income statement is a summary of revenues and expenses. It also lists gains and losses from other transactions, such as the sale of assets or the repayment of debt. Standard accounting rules govern the procedures for recording each item.
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