What term is commonly used for the income statement?

The income statement is commonly referred to as the Profit and Loss (PNL) Statement. This document summarizes revenues, costs, and expenses incurred during a specific period of time, typically a fiscal quarter or year. By highlighting the organization's profitability, the PNL statement provides valuable insights into the company's operational efficiency and financial performance.

In contrast, the balance sheet details the company’s assets, liabilities, and equity at a specific point in time, and is not used to reflect income over a period. The statement of equity outlines changes in ownership interest or equity accounts, while the comprehensive statement includes comprehensive income, which incorporates all changes in equity during a period, except those resulting from investments by owners and distributions to owners. Therefore, the term PNL Statement is the most accurate way to refer to the income statement.