What Is the Difference Between a Financial Statement and an Income Statement?

[Samuel]

I’m a bit confused about the terms “financial statement” and “income statement.” Are they the same thing, or does one include the other? Can someone explain how they differ and what each one shows about a company’s financial performance?

 

[Sophie]

financial statement provides a comprehensive account of the financial condition of the business, which will consist of the balance sheet, income statement and cash flow. An income statement specifically outlines revenue, expenses and profit over a defined period of time.

 

[Mayank]

A financial statement provides an overall view of a company’s financial health, including balance sheet, cash flow, and income statement. An income statement, however, specifically shows revenues, expenses, and profits over a particular accounting period.

 

[Shane Warne]

A financial statement is a wide term of term that incorporates various reports such as income statement, balance sheet, and cash flow statement. It is not a single part that is the income statement. It particularly indicates revenues, expenses and profit of a company during a time frame and the financial statements in entirety gives all the information about the financial soundness of the company.

 

[BlissCore]

Financial statement is a general term and it encompasses a number of statements representing the finances of the company such as balance sheet, income statement and cash flow statement. An income statement is not the only form of a financial statement it is a document which particularly demonstrates revenues, expenses and profit of a company at a certain time. Income statement is therefore one of the components of the larger picture financial statements.

 

[robertwilliam]

No, a financial statement and an income statement are not synonymous; an income statement is merely one among several financial statements that together represent a company's financial health fully. Financial statements consist of the income statement, but also the balance sheet, cash flow statement, and statement of shareholders' equity.