The National Directory of Certified Public Accountants

Ask A CPA - Accounting Terminology

Income Statement ( Statement Of Profit And Loss)

A financial statement summarizing revenues, expenses, gains and losses for a stated period of time. The income statement is also known as a profit & loss statement, statement of earnings, statement of income and expenses or statement of operations.

If you need professional help with "Accounting Terminology" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.