ICAS REPORT

* An income statement is a report that contains information in regards to an organizations’ assets and financing in order to obtain those assets that is collected over a certain period of time

The income statement (IS) also known as the profit & loss statement provides the net gain or net loss of a business entity. The importance of the income statement is to evaluate profitability of a company (Finkler, Jones, and Koyner, 2013). The best use of the IS,

This income statement tells how much money a company has brought in (its revenues) how much it has spent (its expenses) and the difference between the two (its profit). The income statement show’s a company’s revenues and expenses over a specific time frame. This statement

The income statement is a financial statement that measures all of a company’s revenues, gains, expenses, and losses incurred to essentially generate a net income. Drawing from all forms of revenue and expenses including, the income statement represents the most accurate projected profitability of a company.

In essence, the income statement looks at the financial performance of an entity over a specific period in time. It providers the entity a summary of the revenue and expenses by looking at operating and non-operating activities.

An income statement shows the profit and expense of a company over a certain amount of time (Melicher & Norton, 2013). It is a required statement that must be produced yearly and provides whether the company made or, lost money (Alvis & Hillstrom, 2006). As an investor it would be important to see how a company does multiple years in a row. Accounting owns the process of developing the income statement; this information is then used by management (Alvis & Hillstrom). Whether you are an investor or work for the company, it is beneficial to understand what the expenses are on an income statement.

The income statement provides valuable information about an organization. This financial report will tell the business if it was profitable over a given period. The income statement “measures a hospital’s profitability by

The objective of financial reporting/statements is to provide information about the reporting entity’s financial performance and financial position that is useful to a wide range of users for assessing the stewardship of the entity’s management and for making economic decisions.

The income statement (statement of operations, or P&L for profit and loss statement) reports a company’s net income for a specified period of time. Net income is revenues and gains minus expenses and losses. Some terms associated with the income statement include:

The income statement reports revenues and expenses of a stated accounting period, typically a quarter or year. (Melicher & Norton, 2014, p.357) The revenues portion of this statement is quite simple, the money brought in by providing goods or services minus the cost to provide those goods or services (known as COGS). Aside

Reference for business expressed that an Income Statement is considered by many to be an organization’s most vital financial statement. It reveals the dollar amount of the profitability for an organization during a particular timeframe. This statement gives a record of an organization 's incomes and costs for a given timeframe and along these lines it is referred to as the profit and loss statement. Alongside the asset report and income statement, the income statement gives vital financial data to business supervisors, financial specialists, moneylenders, and auditors. There are two types of income statement the single step and the multiple step.

It is important for every business to carry out financial statement analysis in order to gain an understanding of their current financial status. There are two main types of financial statements that businesses commonly use when it comes to financial analysis. These are known as the Profit and Loss Account and the Statement of Financial Position. A profit and loss account consists of a list of expenses incurred by the company, against their revenues over a certain period of time. It shows whether the organisation

The income statement reflects business operations over time. It reports the revenues generated and expenses incurred by a firm over an accounting period (Melicher & Norton, 2014).

An income statement is a report that shows the all activities that happened during the accounting period in regards to the income and expenses of a business. The accounting period is typically 1 year, but it can also be tailored according to the company’s need. An income statement can be separated into three categories. The first category illustrates the gross profit of the business. It is where net sales (gross revenues minus returns and allowances) minus the cost of goods sold. The following one shows the operating income, which also equals to the net income before interest and taxes. It is derived from gross profit minus operating expenses. The last category displays the net income, meaning the profit that the business make. Net income is

The four components of financial statements are income statement, owner’s equity statement, balance sheet, and cash flow statement. Income statement, also called profit and loss statement, is the company’s financial statement that summarizes a company’s revenues and expenses which resulting net income or net loss, and provides a picture of the financial performance for a specific period of time. For example, Air Asia’s managers and investors need financial statement to assess whether Air Asia made or lost money during the period being reported. Owner’s equity statement, also called shareholders’ equity, shows the changes in owner’s equity during a specific period of time. It lists the owner equity balance at the beginning of the period, addition and subtractions to the balance, and the ending balance. Balance sheet or statement of financial position reports the assets, liabilities, and owner’s equity at a specific date, such as the end of a particular financial year. It describe as a snapshot of a company’s financial condition. For example, assets, liabilities and shareholders’ equity give Air Asia investors an idea as to what Air Asia