The income statement describes revenues earned and expenses incurred along with the resulting net income or loss over a specified period of time.

Income Statement

A financial document that reports a company's financial performance over a specific period, detailing revenue, expenses, and net income.

Revenues Earned

Income generated from normal business operations and activities, often from the sale of goods or services to customers.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, from its total revenue.