The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the Income Statement.
Financial Statements basically are written records that tell the financial position of a company over a particular time period. Financial Statements are audited by Government agencies or accountants. Income statements mainly focus on the company's revenues and expenses during a certain time period.
When the expenses are subtracted from the revenue, the statement produces a company's profit which is called net profit. The income Statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements.
Income statements provide an overview of net income, expenses incurred, revenue, and earnings per share. The income Statement is also referred as a profit and loss statement. Therefore the income statement tells the profit, revenue and expenses.
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