An income statement, more commonly
referred to as a Profit and Loss Statement
is used to evaluate the performance of a
business by matching the revenue earned
during a given time period with the expenses
incurred in obtaining that revenue.
The income statement shows all revenues
(income) and all expenses of the firm for
the period covered. By subtracting expenses
from revenues, a net profit is obtained if
revenues exceed expenses; if expenses exceed
revenues, then a loss occurs.
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