A business transaction, such as obtaining financing, often requires companies to provide financial statements that have been evaluated by an outside independent party. Accountants are outside parties ...

A partnership entails two or more individuals working together toward a particular objective. In some jurisdictions, there may be an upper limit to the number of partners. The main difference between ...

Alongside the balance sheet and the cash flow statement, the income statement is one of the “big three” financial reporting documents every public company needs to produce each quarter. It’s a summary ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Charlene Rhinehart is a CPA , CFE, chair of ...

An income statement shows a business's revenue and costs to determine profit, including sales revenue, cost of sales, gross profit, expenses, and net profit. It demonstrates financial performance over ...