What is an income statement?
Income Statement is additionally called as profit/loss account, which reflects the operational position of the firm amid a specific period. Ordinarily it comprises of one bookkeeping year. It decides the whole operational execution of the worry like aggregate income generated and costs brought about for gaining that income.
Income Statement finds out the gross benefit and net benefit of the worry. Gross benefit is dictated by the arrangement of exchanging or assembling a/c and net benefit is controlled by the readiness of profit/loss account.