income statement

Definition

An accounting of sales, expenses, and net profit for a given period.

See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.

Use income statement in a sentence

I got my income statement today and was interested to know what it said and what the implications would be for us.

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When I asked my boss how many sales we had and how much money we had made, he gave me this information by showing me our income statement.

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At the end of each month, my accountant likes to look at my business's income statement to make sure that our profit is larger than the costs for running the business.

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cost of sales foreign currency translation