What are the disadvantages of income statements?

[Good-Person]

Income statements are a very important aspect of financial accounting. This is why they are used by many businesses on a daily basis or monthly cases on many occasions. So, what are some disadvantages of using financial statements?

 

[Timgab]

To me financial statement for business is essential as it will help in accountability. Someone like me can joke with my personal finance statement but that of business is a big no.