Financial Statements: Income Statement (Statement of Operations)
The statement of operations is a statement showing the revenues, expenses and income of a business over a specific period of time. Many successful business owners generate income statements by the month, quarter or year. Often comparison reports will be generated to reflect the current period over the same period of the prior year. At the end of each accounting year (fiscal or annual) the income statement will be zeroed out and you will start over for the new year.