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Income statement shows the result of operating for a period of time. It is usually called operating statement (OS) or the statement of operations. It shows how well the organization is performing its operations.
The terms revenue expenses and profit should be somewhat familiar. Revenue is the inflow of assets and return for the services perform and product delivered during the period and an expense is the cost incurred to generate revenue. Net profit is simply the amount by which the revenue of a particular period of time exceeds the expenses incurred to generate them.
Expenses are also recognized in the period that is benefitted regardless of when the payment is made in cash. E.g. salaries earned by employees are considered an expense for the period in which the employee works even though they may not be paid until the following period.
Thus the income statement is a statement in which revenue for the periods of time are matched with the expenses for the same period of time. If the revenue exceeds the expenses result is a net income and if vice versa it will be a net loss.
Suppose during the month of January, a trader has a total sales of rupees 55,000 and had incurred total expenses of 46,000. His net income will be 9,000 for the month of January.
The format of the income statement varies with the need of users’ preferences of accountants and other circumstances. The format of the common income statement is:
Sales – cost of goods sold = gross profit- operating expenses = net operating income – less other expenses = net income.
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