Accounting Basics - What is Income Statement?

written by trigon
04-20-2009
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While learning accounting basic, you can find that income statement is defined as a report that provides accounting information about a business to shareholders, government entities, and other interested parties. The accounting information provided in this statement is a result of operations, i.e. profit or loss, during the particular period. Income statements are produced by a business at various periods. They may be produced daily, monthly, yearly, etc. This statement allows the users quickly get simplified and accurate knowledge on the financial status of the entity. Income statements may be compared to evaluate the progress of a business, financial status over several accounting periods or to predict the future progress and development trends of business.

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