Income Statement

Definition: A financial report of revenues, expenses, and resulting profit or loss over a specified period.

Example

A business reports $200,000 revenue and $170,000 expenses for a year, producing $30,000 net income under the stated accounting basis.

Keep the distinction clear

An income statement covers a period; a balance sheet reports a position at a date. Accounting profit also differs from cash received or paid.

Related terms

Balance Sheet · Profit · Net Income

Keep studying

Income Approach: NOI, Cap Rate, Property Value, and Cash-on-Cash Return

References: FREC Course II syllabus: investment concepts

Pronunciation (US): IN-kum STAYT-munt (capitals show stress)

Pronunciation reference: Merriam-Webster