one manager's quest to improve quality led him to create a daily income statement.
An income statement is a financial statement that details the company's earnings and outlays. It also shows a company's profit or loss over a certain period of time. When you compare the income statement to the balance sheet, cash flow statement, and cash flow forecast, you may be able to better understand your company's financial status.
The purpose of an income statement is to provide information about the company's financial performance for the fiscal year to readers, creditors, and investors. In the context of corporate finance, the income statement serves as a record of the company's profit and loss for the entire fiscal year.
Sales revenues, expenses, profits, and losses make up the income statement's four main sections. It is unconcerned about cash sales, other forms of payment, or anything else.
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