When reading financial reports, the terms statement of operations vs income statement can be confusing. Are they different or the same? The truth is, both reports serve a similar purpose but are used in different types of organizations. In this guide, we’ll explain the differences, why the names matter, and when to use each one. What Is a Statement of Operations? If you’ve ever wondered what is a statement of operations, here’s the simple answer. It’s a financial report that shows how...
