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  Uses and Usefulness of the Income Statement

Introduction to Uses and Usefulness of the Income Statement

The income statement, such as the statement of financial position, has been around for a long time. Most main businesses seem to get ready an income statement on a regular basis (monthly or even more often). This is despite there being no rule needing an income statement to be generated more often than once or in some cases two times, a year. So the income statement is considered as giving helpful information.

Particularly, this statement may assist in providing information on:

  • How effective the business has been in generating wealth.

Because wealth generation is the main reason for most businesses to survive, assessing how much wealth has been produced is a significant issue. Even though we have seen that dissimilar judgements regarding to the depreciation, inventories and bad debts might influence the calculation of profit for a period, this difficulty should not be overstated. For several businesses in most years, the influence of making dissimilar judgements would possibly not considerably influence the final profit figure.

  • How the profit was derived.

For several users, the only matter of concern might be the final profit figure, or bottom line as it is occasionally called. When this is a main measure of performance, and its significance is hard to overstate, the income statement consists of other information that should also be of interest. To calculate business performance efficiently, it is significant to find out how the profit figure was derived.

So the level of sales revenue, the nature and amount of expenses acquired, and the profit in relation to sales revenue are significant factors in understanding the performance of the business over a period.

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