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Income statement

Index Income statement

An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. [1]

50 relations: Accounts payable, Accounts receivable, Accumulated other comprehensive income, Amortization, Associate company, Average cost method, Balance sheet, Cash flow, Cash flow statement, Charitable organization, Comprehensive income, Cost of goods sold, Deferred tax, Depreciation, Earnings per share, Equity (finance), Equity method, Expense, FIFO and LIFO accounting, Financial Accounting Standards Board, Financial statement, Fixed asset, Generally Accepted Accounting Principles (United States), Gross profit, IFRS 5, Impaired asset, Income statement, Intangible asset, Interest expense, International Accounting Standards Board, International Financial Reporting Standards, International Financial Reporting Standards requirements, Inventory, Investor, Joint venture, Management, McGraw-Hill Education, Minority interest, Model audit, Net income, Operating expense, Parent company, PnL Explained, Profit model, Revenue, SG&A, Statement of changes in equity, Tax, Total absorption costing, Trading statement.

Accounts payable

Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet.

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Accounts receivable

Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for.

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Accumulated other comprehensive income

Note: Reference cited below, FAS130, remains the most current accounting literature in the United States on this topic.

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Amortization (or amortisation) is paying off an amount owed over time by making planned, incremental payments of principal and interest.

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Associate company

An associate company (or associate) in accounting and business valuation is a company in which another company owns a significant portion of voting shares, usually 20–50%.

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Average cost method

Under the 'Average Cost Method', it is assumed that the cost of inventory is based on the average cost of the goods available for sale during the period.

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Balance sheet

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.

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Cash flow

A cash flow describes a real or virtual movement of money.

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Cash flow statement

In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.

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Charitable organization

A charitable organization or charity is a non-profit organization (NPO) whose primary objectives are philanthropy and social well-being (e.g. charitable, educational, religious, or other activities serving the public interest or common good).

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Comprehensive income

Comprehensive Income (or earnings) is a specific term used in companies' financial reporting from the company-whole point of view.

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Cost of goods sold

Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period.

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Deferred tax

A notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment.

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In accountancy, depreciation refers to two aspects of the same concept.

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Earnings per share

Earnings per share (EPS) is the monetary value of earnings per outstanding share of common stock for a company.

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Equity (finance)

In accounting, equity (or owner's equity) is the difference between the value of the assets and the value of the liabilities of something owned.

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Equity method

Equity method in accounting is the process of treating investments in associate companies.

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In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs.

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FIFO and LIFO accounting

FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feed stocks.

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Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest.

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Financial statement

Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.

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Fixed asset

Fixed assets, also known as tangible assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that cannot easily be converted into cash.

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Generally Accepted Accounting Principles (United States)

Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC).

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Gross profit

In accounting, gross profit, gross margin, sales profit, or credit sales is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

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IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations.

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Impaired asset

According to U.S. accounting rules (US GAAP), the value of an asset is impaired when the sum of estimated future cash flow from that asset is less than the book value of the asset.

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Income statement

An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.

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Intangible asset

An intangible asset is an asset that lacks physical substance or is out of warranty (unlike physical assets such as machinery and buildings) and usually is very hard to evaluate.

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Interest expense

Interest expense relates to the cost of borrowing money.

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International Accounting Standards Board

The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.

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International Financial Reporting Standards

International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

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International Financial Reporting Standards requirements

This article lists some of the important requirements of International Financial Reporting Standards (IFRS).

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Inventory (American English) or stock (British English) is the goods and materials that a business holds for the ultimate goal of resale (or repair).

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An investor is a person that allocates capital with the expectation of a future financial return.

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Joint venture

A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.

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Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body.

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McGraw-Hill Education

McGraw-Hill Education (MHE) is a learning science company and one of the "big three" educational publishers that provides customized educational content, software, and services for pre-K through postgraduate education.

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Minority interest

In accounting, minority interest (or non-controlling interest) is the portion of a subsidiary corporation's stock that is not owned by the parent corporation.

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Model audit

A model audit is the colloquial term for the tasks performed when conducting due diligence on a financial model, in order to eliminate spreadsheet error.

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Net income

In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.

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Operating expense

An operating expense, operating expenditure, operational expense, operational expenditure or opex is an ongoing cost for running a product, business, or system.

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Parent company

A parent company is a company that owns enough voting stock in another firm to control management and operation by doing and influencing or electing its board of directors.

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PnL Explained

PnL Explained also called P&L Explain, P&L Attribution or Profit and Loss Explained is a type of report commonly used by traders, especially derivatives (swaps and options) traders and produced by Product control, that attributes or explains the daily fluctuation in the value of a portfolio of trades to the root causes of the changes.

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Profit model

The profit model is the linear, deterministic algebraic model used implicitly by most cost accountants.

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In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.

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SG&A (alternately SGA, SAG or SGNA) is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement (statement of profit or loss).

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Statement of changes in equity

A Statement of changes in equity and similarly the statement of changes in owner's equity for a sole trader, statement of changes in partners' equity for a partnership, statement of changes in Shareholders' equity for a Company or statement of changes in Taxpayers' equity for Government financial statements is one of the four basic financial statements.

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A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Total absorption costing

Total absorption costing (TAC) is a method of Accounting cost which entails the full cost of manufacturing or providing a service.

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Trading statement

The trading statement is an expanded version of sales portion of the Income statement.

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Redirects here:

Income Statement, Non-recurring items, Operating statement, P and L, P&L, Profit and Loss Account, Profit and loss, Profit and loss account, Profit and loss appropriation account, Profit and loss statement, Profit statement, Statement of Comprehensive Income, Statement of Financial Performance, Statement of comprehensive income, Statement of operations, Top line, Trading and Profit and Loss Account (UK).


[1] https://en.wikipedia.org/wiki/Income_statement

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