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In this video tutorial, James explains what an income statement is, how to use it to measure a business's financial performance, and its importance as one of the three major financial statements in accounting. The income statement, also known as the profit and loss statement (P&L), provides insight into a business's financial health when viewed alongside the balance sheet and cash flow statement. James has covered the balance sheet and cash flow statement in previous videos and received numerous requests to cover the income statement, which he addresses in this video.
