What do you call a financial statement that shows the results of the operation?
Statement #1: The income statement
An income statement presents the results of a company's operations for a given period—a quarter, a year, etc. The income statement presents a summary of the revenues, gains, expenses, losses, and net income or a net loss of an entity for the period.
- Balance sheets.
- Income statements.
- Cash flow statements.
- Statements of shareholders' equity.
A statement of operations is a financial statement businesses use to report revenues, cost of goods sold, operating expenses, operating profit, non-operating expenses, and net income (loss). Accountants report results from continuing and discontinued operations in different sections.
Answer: c) Income Statement. The income statement is also known as the Statement of Financial Performance. This component of financial statements reports the results of the operations for the period covered. This statements could result in either net income or net loss.
The Income statement is the part of the financial statement that is entitled to disclose the Operation result of the company.
The operating or operative result, arising from the profit and loss account, shows what the company has earned in connection with its business activities, that is to say before deduction of interest and taxes. It is also described as EBIT (Earnings Before Interest and Taxes).
In this case, the statement of financial performance can also be called 'statement of profit or loss' or 'income statement'.
The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.
The major elements of the financial statements (i.e., assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses) are discussed below, including the proper accounting treatments and disclosure requirements.
What is another name for the statement of operations?
Here are some of the other names that a statement of operations can sometimes be known as: Profit and loss statement (P&L) Statement of income. Statement of earnings.
The Operating Balance is the primary cash account for the State. It records all assets and liabilities of the State not assigned to certain special purpose funds that are held separately.
Financial reports show historical data, but they provide insight into how a business spends its profits, whether they are reinvested into the business, and whether the company can sustain future growth. Operational reports provide business intelligence on how efficiently a company performs.
Financial reports that summarize the financial condition and operations of a business are called financial statements.
What are Business Operations? Business operations refer to activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit. The activities can be optimized to generate sufficient revenues to cover expenses and earn a profit for the owners of the business.
An income statement is one of the three major financial statements, along with the balance sheet and the cash flow statement, that report a company's financial performance over a specific accounting period. The income statement focuses on the revenue, expenses, gains, and losses of a company during a particular period.
An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period, with the other two key statements being the balance sheet and the statement of cash flows.
The Income Statement (referred to in India as the profit and loss statement) reflects the performance of the firm over a period of time. “Income statement is a summary of a firm's business revenues and expenses over a specified period, ending with net income or loss for the period.”
- Income statement,
- Balance Sheet or Statement of financial position,
- Statement of cash flow,
- Noted (disclosure) to financial statements.
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period.
What is the P&L statement?
It is a financial statement that provides a snapshot of how much your company is making (revenue) compared to how much is being spent (costs and expenses). Simply put, your P&L shows your business's revenue minus costs and expenses, typically over a specified period. The outcome is your net profit or bottom line.
Answer and Explanation:
The balance sheets show the financial condition, and the income statement shows the performance of the business operations in a period.
