Definition
An income statement, also known as a profit and loss statement or statement of operations, is a financial report that summarizes a company's revenues, expenses, and profits or losses over a specific period, such as a quarter or fiscal year. The income statement shows the company's ability to generate revenue, manage expenses, and achieve profitability, providing insights into its operational performance and financial viability. The bottom line of the income statement represents the company's net income or net loss for the period.
Our trending searches definitions
Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.