Income Statement Period Of Time

The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting.

Income statement period of time. The income statement is an essential part of the financial statements that an organization releases. The income statement also called the profit and loss statement is a report that shows the income expenses and resulting profits or losses of a company during a specific time period. The statement quantifies the amount of revenue generated and expenses incurred by an organization during a reporting period as well as any resulting net profit or loss. The income statement is the first financial statement typically prepared during the accounting cycle because the net income or loss must be calculated and carried over to the statement of owner s equity before other financial statements can be prepared.