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Income Statement

A summary of revenue, costs and profit over a period.

Area
Accounting
Also known as
profit and loss, P&L
In this area
51 terms of 259

The income statement runs from revenue down through COGS to gross profit, then through operating expenses to operating profit and net result. It shows performance across a period rather than position on a date.

For product businesses the critical line is COGS, because it depends on inventory valuation. An error in stock costing lands directly in reported profit.

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Accounting Insights

Related terms

Balance Sheet

A snapshot of what the business owns and owes at a point in time.

Cost of Goods Sold

COGS

The direct cost of the products a business sold in a period.

Gross Margin

The percentage of revenue left after the cost of goods sold.

EBITDA

EBITDA

Earnings before interest, tax, depreciation and amortisation.

More in Accounting

Accounts Payable (AP) Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Bank Reconciliation Break-Even Point

Income Statement is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 259 glossary terms describe things the platform actually does.

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