A legal doctrine that holds an individual or business accountable for damages whether or not it was at fault. In a strict liability case, no matter how careful the business is in its product or service, if harm results from use, the individual or business is liable.
Along with the balance sheet, cash flow statement and the statement of changes in ownersâ equity, the income statement is also one of the essential means of financial reporting. It indicates whether or not the firm has made money during the period reported.
Income Statement. You could think of a company's income statement as a record of its financial transactions with the outside world.. When the company earns money from customers, it goes down as revenue on the income statement.When it incurs an expense, that expense goes on the income statement.ncome Statement. You could think of a company's income statement as a record of its financial transactions with the outside world.. When the company earns money from customers, it goes down as revenue on the income statement.