An income statement template is a unique document for every business and used as a key element to find out about the financial position of a company or business. It is an accounting tool which describes the revenues and expenses through both operating and non-operating activities. This document helps to determine whether net profit and loss occur during a specific time frame. It provides brief information to investors about the financial affairs of a company. It helps to summarize company sales and net income. Usually, this document is prepared for a specific time period such as a week, month or year.