The Income Statement Ordinary businesses use annual income statements…

The Income Statement Ordinary businesses use annual income statements to reflect profits and losses over a single year. Family businesses need to compile analogous documents, called family income statements. When used with the family balance sheet, the family income statement measures the increase or decrease in the family's human and intellectual capital during the year in question, and thus measures the family's annual performance in managing its human and intellectual capital.

— from True North (Ethics, Integrity, Truth, Values)

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