What is the income statement?

The answer is explained below:

Explanation:

An income statement is used for reporting thhe financial performance over an accounting period.

The other two statements are cash flows and balance sheet. Income statement is also called revenue and expense statement. It mainly focuses on a company's revenues and expenses during a particular period. It is important part of a company's performance reports.

A balance sheet only gives a glimpse of a company's financial but income statement tells the company's income in a particular time period.