Income Statement is a document that records revenue and expenses to summarize a company's performances for a period of time usually quarterly or annually.
Income Statement itemizes a company's revenues and expenses, and breaks down the different items that constitute the company's profit/loss. As a result, it paints a motion picture on how the company performed during the period(s) of time. It also serves as a valuable guide in anticipating how the company may do in the future.
In some countries, it is also known as profit and loss statement.