Lesson 6: STATUS RESULTS, INCOME, EXPENSES AND PROFIT

Lesson 6: STATUS RESULTS, INCOME, EXPENSES AND PROFIT

The income statement is a financial accounting report showing a company’s income (earnings) for a given time period, including primarily the period’s revenues and expenses that result in that income.

Income is viewed as a measure of a company’s earning performance for a specific time period. Earning income is a top-level objective for profit-making companies: income increases owner value through retained earnings (which build owner equity) and through dividends paid directly to owners.

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