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Income Statement

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Repon:
Thank you very much for praising!@Rony Sir

asitrony:
Is net income and net profit the same thing?

Repon:
Here is your answer....
Net Income
Net income appears on the company’s statement of income. It is the amount that remains after adding together all revenues and subtracting all expenses, including cost of goods sold and income taxes. It is important to differentiate between revenues and income, as revenues are the earnings of the company before subtracting expenses.

Net Profit After Taxes
Net profit after taxes is the net income of the organization less all taxes. It is the sum of all revenues less all expenses, including cost of goods sold and all taxes. While it is almost the same as net income, this terminology frequently appears on the company’s financial statements in order to differentiate between profits before and after subtracting taxes.

asitrony:
Thanks sir!

Now it is clear to me!

sajib:
A summary of a management's performance as reflected in the profitability (or lack of it) of an organization over a certain period. It itemizes the revenues and expenses of past that led to the current profit or loss, and indicates what may be done to improve the results.

In contrast to a balance sheet, an income statement depicts what happened over a month, quarter, or year. It is based on a fundamental accounting equation (Income = Revenue - Expenses) and shows the rate at which the owners equity is changing for better or worse. Along with balance sheet and cash flow statement it forms the basic set of financial information required to manage an organization. Also called earnings report, operating statement, or profit and loss account.

Read more: http://www.businessdictionary.com/definition/income-statement.html#ixzz3ehYZkb1B

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