Income statement accounting is the process of recording and tracking a business’ revenues and expenses over a period of time. It is used to measure and analyze performance, determine profitability, and generate financial statements. Income statement accounting includes items such as sales revenue, cost of goods sold, operating expenses, taxes, and other income. The goal is to provide stakeholders with an accurate picture of the company’s financial situation. By analyzing the income statement, investors and managers can determine areas where the company needs to improve in order to make it more profitable. This information can then be used to develop strategies for increasing profitability and reducing costs.