An Income Statement, also known as a Profit and Loss Statement, is defined as a financial statement that shows the revenue, expenses, gains, and losses of a business over a specific period.
Revenue is defined as the money or income that a business or an individual earns from the sale of products or services, or from other sources.
Expenses are defined the cost of operations that a company incurs to generate revenue.
An income statement is completed by using the below equations.
