An operating statement, also known as an income statement, is a financial document that displays a company's revenues, expenses and profits over a specific duration. While the term "operating statement" is commonly used in the finance sector, there are various synonyms that businesses and individuals can use to refer to this document. These synonyms include profit and loss statement, earnings report, P&L statement, statement of income, revenue statement, income and expense statement, and statement of operations. Each of these phrases can be used interchangeably with operating statement, and they all refer to the same financial document that outlines a company's financial performance.