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income statement Definition

income statement

income statement Finance Definition
One of the major financial statements produced by a com-pany, it shows the amount of money that is earned, the expenses incurred, and the resulting net income. Corporations produce income statements quarterly as well as annually. Publicly-traded companies meeting minimum size requirements must file their income statement with the Securities and Exchange Commission.
income statement Law Definition

n

An accounting document setting forth the income and expense of a business organization over some period of time.