Other Definitions income statement (dict)
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Income StatementElements of the income statement used in accounting are net income results from revenue, expense, gain, and loss transactions. Revenues Revenues - Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. Expenses Expenses - Outflows or other using-up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitue the entity's ongoing major or central operations. Line items Income Gains - Increases in equity (net assets) from peripheral or incidental transactions of an entity except those that result from revenues or investments by owners. Losses - Decreases in equity (net assets) from peripheral or incedental transactions of an entity except those that result from expenses or distributions to owners.
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