Income Statement Template

An income statement or a profit and loss statement, explains revenue and expenses of the organization for over a period of one year. This income statement is one of the five basic accounting tools that make up the financial statements. Explanation This is an important tool used in an organization by the accounts department, especially by an accountant and an auditor. The income statement encompasses figures of the company’s revenue, operating expenses, taxes and net amount.  The statement usually relates to the period of whole one fiscal year, however, it can be made half-yearly or even monthly, depending upon the…