An income statement form is a summary of earnings and expenses received and incurred by a company. It is issued every financial year or as otherwise stated by the organization’s policy.
This form is completed by the organizations qualified and competent accountant. It is paramount to keep track of all incomes and expenses to make it easy to come up with a balance sheet.
It itemizes the revenues and expenses of the past that led to the current profit or loss, and indicates what may be done to improve the results. Below is a sample income statement form.
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