Single-Step Statement. An income statement, also called an earnings report or a profit-and-loss statement, shows a company's fiscal operations during a specified time period.

The income statement can be presented in a single-step or multi-step format. Understanding the Income Statement The income statement is an integral part of the company performance reports.

A company's income statement shows the revenues, expenses and profits or losses for an accounting period. The two income statement formats are single-step and multi-step. Companies that sell ...