The income statement
Example: Income statement shows revenues and expenses over a period
Definition
"The income statement" is a financial document that summarizes revenues, expenses, and profits or losses over a specific period. It provides insight into a company's operational performance by showing how much money was earned and spent during that time.
Etymology
The term "the income statement" combines 'income,' derived from Old English 'in-cumen' meaning 'revenue or return,' and 'statement,' from Latin 'statementum,' meaning 'a setting forth.' Together, they describe a formal report presenting financial earnings and expenditures.
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"The income statement" appears in the Vocaplus list "English - Finance - (A1-C2) - set 1", containing 150 commonly used words.
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