The income statement is sometimes called the statement of financial position.

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The income statement is not called the statement of financial position. It is a financial statement that reports a company's revenue, expenses, and net income over a specific period of time, and is also known as the profit and loss statement or P&L statement. The statement of financial position refers to the balance sheet, which reports a company's assets, liabilities, and equity at a specific point in time.

The Income Statement Is Sometimes Called the Statement of Financial