An income statement, also known as a profit and loss statement, is one of the three fundamental financial statements that businesses utilize to present their financial performance over a specified accounting period.

Financial statements are essential documents that provide a comprehensive overview of a company’s financial health. They serve as vital tools for stakeholders, including investors, creditors, and management, to assess the performance and stability of a business.

Projected financial statements are essential tools for analyzing a business’s financial performance, especially in the context of seeking loans from banks or non-banking financial companies (NBFCs).

Understanding Accounting A Comprehensive Guide to Financial Tracking and Decision-Making