Practical Law Glossary Item 5-382-3530 (Approx. 2 pages)
Glossary
Income Statement
Also known as a profit and loss statement (or P&L statement) or a statement of operations, the income statement is a financial statement that shows how much a company earned and spent over the course of a fiscal period, typically a fiscal year or quarter, and where those earnings came from and what the expenses went toward. The income statement is often referred to as the P&L or profit and loss statement because it shows:
The results of a company's operations over the period covered.
Whether those operations created a profit or produced a loss to the company.