What Is an Income Statement?

income statement  The income statement is critical to understanding a company's financial health Here's the step-by-step process of preparing an income There are four main financial statements They are: balance sheets; income statements; cash flow statements; and statements of

An Income Statement is a core financial statement that shows a firm's financial performance over a given accounting period You can find it in the company's Professor Greg Miller analyses the aspects of an income statement This video is part of our Accounting for Decision Making MOOC

Single-Step Income Statement format aggregates all revenues and subtracts all expenses to find the net income in a single step Multi-Step The income statement walks through gross profit, adds in fixed costs, interest, depreciation, amortization, taxes to arrive at net income Income statements are