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The income statement is a statement a report which forms part of all the financial reports called the financial statements.
Income statement profit and loss. The profit and loss account account not statement is one of the t accounts. What is the difference between the income statement and the profit and loss account. The basic format of a profit and loss statement is simply. But this profit and loss t account is a special kind of t account with a special role.
You ll sometimes see profit and loss statements called an income statement statement of operations or statement of earnings.
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