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income statement
accounting
The difference between good debt and bad debtInterest can quickly turn a credit card balance into costly debt.
See all videos for this articleincome statement, In accounting, the activity-oriented financial statement issued by businesses. Covering a specified time, such as three months or one year, the income statement is a summary of revenues and expenses. It also lists gains and losses from other transactions, such as the sale of assets or the repayment of debt. Standard accounting rules govern the procedures for recording each item.
This article was most recently revised and updated by Jeannette L. Nolen.
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