Series 79: 1.2.2. Income Statement

Taken from our Series 79 Online Guide

1.2.2. Income Statement

Unlike a balance sheet, which depicts a company’s financial condition at a specific point in time, an income statement (also called a profit and loss (P&L) statement, earnings statement, or operations statement) shows a company’s income and expenditures over a period of time. Most companies use accrual-basis accounting for the income statement, meaning that revenues and expenses are “recognized

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