income statement(redirected from profit and loss account)
Also found in: Dictionary, Thesaurus, Legal.
Income statement (statement of operations)
Profit and Loss Statement
An income statement, also called a profit and loss statement, shows the revenues from business operations, expenses of operating the business, and the resulting net profit or loss of a company over a specific period of time.
In assessing the overall financial condition of a company, you'll want to look at the income statement and the balance sheet together, as the income statement captures the company's operating performance and the balance sheet shows its net worth.
income statementsee PROFIT-AND-LOSS ACCOUNT.
See financial statement.