You don’t need to be a CPA to understand your company’s financial health. You just need to know where to look. That starts with the income statement—also known as the profit and loss (P&L) ...

Income statements detail revenue, expenses, and net income from top to bottom. Reading starts with revenue, deducts expenses, and ends with net income. Subtotal figures help identify missing account ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and ...

It's one of three primary financial statements. Focuses on income and expenses over a specific period. Aims to report a company's net income or earnings. Essential for assessing financial performance.

Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. The company's final tax bill may be slightly more or less than the ...