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I identify the different names given to the income statement.

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The other name for "income statements" are:

profit and loss statement, P&L, statement of earnings, or statement of operations.

Step-by-step explanation:

  • An income statement is the most important "financial statements" which has the ability to show to the company's financial performance over a specific accounting period.
  • It includes the expenses, revenue and also the net income or loss for a particular accounting period.
  • Revenue is earned and also reported to the statement of operations / income statement.

Definition of the term:

Revenue: Money received through sale of products or services

Uses of income statement:

To determine the operating performance of your business over a period of time

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