English Lexicon

Income Statement

/ˈɪn.kʌm ˈsteɪt.mənt/
nounCEFR B2 (Upper)Top #1500 frequency
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Comprehensive Definitions & Senses

2 senses
As noun
  1. 1

    A financial document that summarizes the revenues, costs, and expenses incurred during a specific period.

    "The company's income statement revealed a significant increase in profits compared to last year."
  2. 2

    A report that provides information about a company's financial performance over a specific time frame.

    "Investors often analyze the income statement to assess the company's profitability."

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Linguistic Origin & Historical Etymology

The term 'income statement' combines 'income', derived from the Old French 'encombre' meaning 'to receive', and 'statement', from the Latin 'statuere' meaning 'to set up'. The phrase has evolved in the context of accounting since the early 20th century to represent a financial report summarizing revenues and expenses.

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