Income-statement definition

A financial statement that summarizes the various transactions of a business during a specified period, showing the net profit or loss; profit and loss statement.

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.

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