income statement

USAGE SUMMARY

The phrase "income statement" is correct and usable in written English. You can use it when referring to a financial document that summarizes revenues and expenses over a specific period. For example, "The company's income statement revealed a significant increase in profits this quarter." Alternative expressions include "profit and loss statement" and "statement of earnings."

✓ Grammatically correct

News & Media

Science

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

60 human-written examples

§ 232.5 Income Statement Accounts.

Cornell University

Revenue is an income statement metric.

The New York Times

"The income statement wasn't correct.

The New York Times

Get acquainted with your company's income statement.

Harvard Business Review

We measure profit using the income statement.

Harvard Business Review

Profit appears on a company's income statement.

Harvard Business Review

He created a daily income statement.

Harvard Business Review

Their cost will be reflected directly on the income statement.

The Economist

The big controversy came over the income statement treatment.

The New York Times

The income statement shows whether you are making money.

The New York Times

To simplify the completion of income statement taxpayers, the Italian Revenue Agency started to use precompiled statement from 2015.

Procedia CIRP

Expert writing Tips

Best practice

Use the term "income statement" in formal business and academic contexts to maintain a professional tone.

Common error

Don't equate revenue with profit. The "income statement" details how revenue is whittled down to net income after accounting for various expenses and costs.

Linguistic Context

The phrase "income statement" functions as a noun phrase identifying a specific financial report. It serves as a subject or object in sentences, referring to the document itself or its contents, as shown in Ludwig examples.

Expression frequency: Very common

Frequent in

News & Media

35%

Formal & Business

33%

Science

15%

Less common in

Academia

5%

Encyclopedias

5%

Wiki

7%

Ludwig's WRAP-UP

The phrase "income statement" is a common and grammatically sound term used to describe a financial report summarizing a company's performance over a period. Ludwig AI confirms its validity. It is most frequently encountered in news, formal business settings, and scientific publications. When discussing financial matters, remember that understanding an income statement involves analyzing revenues, expenses, and net income—not just focusing on revenue alone. Alternative phrases like "profit and loss statement" or "earnings report" can be used depending on the specific context.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

profit and loss statement

This is a synonymous term referring to the same financial document.

earnings report

Focuses more specifically on the reported earnings of a company.

statement of financial performance

A broader term that encompasses the income statement.

financial statement

A general term that includes the income statement along with other financial reports.

operating statement

Highlights the operating activities that contribute to a company's profit or loss.

revenue statement

This phrase focuses specifically on the revenue aspect of the financial statement.

profit summary

Emphasizes the summarized profit information.

loss statement

Emphasizes the loss reported in the financial document.

performance report

A general term that shows the performance of a company in terms of financial.

financial overview

A brief description of the economic activity of a company.

FAQs

What is the purpose of an "income statement"?

An "income statement" summarizes a company's financial performance over a specific period, showing revenues, expenses, and profits. It helps stakeholders understand profitability and financial health.

What are some alternatives to calling it an "income statement"?

You can use terms like "profit and loss statement" or "earnings report depending on the context".

How does an "income statement" differ from a balance sheet?

An "income statement" reports a company's financial performance over a period of time, while a balance sheet shows a company's assets, liabilities, and equity at a specific point in time.

Where can I find information to prepare an "income statement"?

Information for an "income statement" comes from a company's accounting records, including revenue records, expense invoices, and cost of goods sold data.