IS meaning in Accounts and Finance ?

Answer:

What is Income Statement mean?

An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.

It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported.

An income statement represents a period of time (as does the cash flow statement). This contrasts with the balance sheet, which represents a single moment in time.

Charitable organizations that are required to publish financial statements do not produce an income statement. Instead, they produce a similar statement that reflects funding sources compared against program expenses, administrative costs, and other operating commitments. This statement is commonly referred to as the statement of activities. Revenues and expenses are further categorized in the statement of activities by the donor restrictions on the funds received and expended.

The income statement can be prepared in one of two methods. The Single Step income statement totals revenues and subtracts expenses to find the bottom line. The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses. Then when deducted from the gross profit, yields income from operations.

Adding to income from operations is the difference of other revenues and other expenses. When combined with income from operations, this yields income before taxes. The final step is to deduct taxes, which finally produces the net income for the period measured.

reference

Full Form	Category
Image Stablizer	Academic & Science
Informal Settler	Academic & Science
Individuals Studying	Academic & Science
Information Science	Academic & Science
Integrated Sciences	Academic & Science
Income Statement	Accounts and Finance
Individual Savings	Business
Infinity Systems	Business
Indentured Servant	Business
Interim Services, Inc.	Business
Islamic State	Community
Islamic Studies	Community
Industrial Satety	Community
Image Stabilization	Community
Interim Standard (U.S.)	Computer and Networking
International Standard (ISO)	Computer and Networking
Information System	Computer Technology
Infrastructure Services	Computer Technology
Insta	Computing
Iceland (TLD)	Computing
Intermediate System	Computing
International Standard	Computing
Iceland	Country Names
Information Separator	Database Management
Intuitive Studies	Educational Degree
Integrated Systems	Electronics
Interface Specification	Electronics
Modula-3 Intermediate Assembly File	File Type
IX stand	General
Innovative Sedan	General
Injured Scrotum	General
International Silver	General
Industrial Supplies	General
Idiots for Socialism	General
Independent Sector	Governmental
Intersil	Governmental
Intermediate State (in the Theory of Change)	Governmental
Internal Security	Governmental
Intrinsically Safe	Governmental
Ingredients Statement	Governmental
Information Systems	Information Technology
Impuesto sobre Sociedades	International
Internacional Socialista	International
Izquierda Socialista	International
Isim	International
Islamischer Staat	International
Isernia (Provence)	International
Internet Service	Internet
In Situ	Medical
Intercostal Space	Medical
Immunosuppressant	Medical
Infantile spasm	Medical
Insertion Sequence	Medical
Incentive Spirometer	Medical
Immediate Spin	Medical
International Security	Military and Defence
Information Superiority	Military and Defence
Interswitch	Military and Defence
Internet Server	Networking
Integrated System	Networking
Ilta-Sanomat	News & Entertainment
Icelandic	Regional
Installation Support	Space Science
Interconnecting Station	Space Science
Internal Stabilization	Space Science
Iaşi County	Transport & Travel