Income statement accounts are temporary accounts recorded by businesses on their income statement, and are used to calculate net income at the end of each accounting period. Income statement items or ...

A company's income statement shows how much money it brought in as revenue or sales, how much it spent on expenses, and how much profit or loss -- also called net income -- was generated for a given ...

Companies prepare an income summary and an income statement at the end of an accounting period. While an income summary is a clearing account used to close income-statement accounts at the end of a ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Charlene Rhinehart is a CPA , CFE, chair of ...

Unlike the balance sheet approach, which emphasizes the collectability of accounts receivable, the income statement approach ...

A basic understanding and ability to analyze a company's profit and loss statement, also known as an income statement, is an essential skill for any investor. The profit and loss statement is an ...

A financial document generated monthly and/or annually that reports the earnings of a company by stating all relevant revenues (or gross income) and expenses in order to calculate net income. Also ...