Income statement conveys a company's ability to generate profits in the current period.
An income statement is a financial statement that lists the revenue and expenses of the company. Additionally, it displays a company's profit or loss over a specific time frame.
You may better comprehend your company's financial situation by comparing the income statement to the balance sheet, cash flow statement, and cash flow forecast.
An income statement displays the revenues, costs, and profitability of a business over time.
It is also sometimes referred to as an earnings statement or a profit-and-loss (P&L) statement. It displays your sales revenue for goods and services. expenses for running your firm and generating money.
