Question

Give one word/term/ phrase for each of the following statements :

The statement showing profitability of two different period and its percentage change.

Answer 1

Comparative income statement

Explanation: A statement that compares financial data of different years is known as comparative income statement. Generally, the current year figures are compared with the previous year figures. Basically, it shows how the revenue and expenses have increased in relation to the previous year or year of comparison.