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in this video youll learn whats an income statement is Ill show you what it looks like and how you can use it to measure a businesss financial performance hey there welcome back to accounting stuff Im James and in todays video were going to cover the income statement also known as the profit and loss statement or the PL for short this is one of the three major financial statements in accounting along with a balance sheet and the cash flow statement collectively these reports give us an impression of the businesss financial health so its important that we understand how they work Ive already made videos covering the balance sheet and the cash flow statement which you can find linked up here and down below in the description but up until now I havent posted a video yet on the income statement and Ive received a lot of requests from you guys to cover this topic so thanks for all these particularly from one subscriber so Nili if youre watching this video goes out to you good