112 Income Statement Introduction

Topics,   100 Accounting Resources,   100 Lecture List

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The income statement explained, income statement being a fundamental financial statement. Unlike the balance sheet, the income statement covers a time frame rather than a point in time, meaning the income statement has a beginning an end, measuring the accumulation of income and expenses over this time period. The bottom line of the income statement is net income net income being calculated as income or revenue fewer expenses.