Income Statement

The Income Statement, also referred to as a profit and loss statement, statement of incomes and losses, or report of earnings, discloses the income the business has earned during the accounting period, the costs or expenses that were incurred by the business during the period and the difference between the costs and incomes for the period, or net profit (or loss).

The account type assigned to each Chart of Accounts number dictates the format of the Income Statement. The format of the statement is as follows:

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