The income statement, or profit and loss statement, reflects a company's revenues and expenses for a period. When a company uses the accrual basis of accounting, it records its revenues when they are ...

Accountants with businesses big and small normally compile financial statements each quarter. The statements paint a picture of all of the company's transactions. First, the company will record the ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a ...