Main Page | See live article | Alphabetical index Elements of the income statement are net income results from revenue, expense, gain, and loss transactions. Revenues - Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. Expenses - Outflows or other using-up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitue the entity's ongoing major or central operations. Gains - Increases in equity (net assets) from peripheral or incidental transactions of an entity except those that result from revenues or investments by owners. Losses - Decreases in equity (net assets) from peripheral or incedental transactions of an entity except those that result from expenses or distributions to owners. This article is from Wikipedia. All text is available under the terms of the GNU Free Documentation License.