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so lets have a session on income statements income statements are one of the key financial statements that you must know and you must know well the other one is the statement of financial position and then there are also cash flow statements so lets go through income statements the key thing to know is that income statements is the new name for what was previously called profit and loss accounts and thats probably the easier way to think about it because income statements will ultimately show for a company in a year so if theyve made over a profit or a loss and thats why theyve previously called the profit and loss accounts in terms of the profit there are actually four different types of profits of which three of them you can find on the income statements so the three that you can find on the income statements are gross profit operating profit and net profit net profit is sometimes called profit for the year its just the new international accounting standard known through the