What are income statement accounts?

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An income statement account is a general ledger which shows all kinds of revenues generated in an accounting year & matches all expenses against the revenue to net off the income or loss produced in that particular accounting year.

Income statement accounts are one of two types of general ledger accounts. (Balance sheet accounts make up the other type.) Income statement accounts are used to sort and store transactions involving revenues, expenses, gains, and losses.

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Income Statement: : It is a financial statement that shows or reports the organization's performance over a specific accounting period.

THEY INCLUDE:  EXPENDITURES AND  THE INCOME IN THE SAME PERIOD.

- IT AIMS  TO SHOW  WHERE THE COMPANY HAS PROFIT OR LOSS AT THE END OF THE PERIOD

 in abbreviation   way

 revenue  - cost of  good sold (  cost of delivering the service ) . -  other  earnings     other expenses-

Income statement accounts are the accounts which used to record organization's revenues and expenses and other profits or loses

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The income statement accounts or statement of comprehensive income is a statement which shows the income generated for the period and the expenditure incurred in the same period. The purpose of the statement is to show whether the business has made a profit or loss for the period.