Income statement
Also written as p&l, profit and loss.
Definition
A financial statement summarizing revenue, expenses, and net income over a period. Also called the Profit and Loss statement.
Long reference
Handbook
Income Statement
Citations, procedures, and worked examples for income statement.
Related terms
Balance sheet
A financial statement showing what the corporation owns (assets), what it owes (liabilities), and the owner's residual equity at a point in time.
Trial balance
A point-in-time listing of every account balance. Used to confirm total debits equal total credits before preparing financial statements.