What is profit and loss statement?

QuestionsCategory: Financial AccountingWhat is profit and loss statement?
Lalith George Staff asked 5 years ago
1 Answers
MyIQ Staff Staff answered 5 years ago

A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time – usually a fiscal quarter or year. These records provide information that shows the ability of a company to generate profit by increasing revenue and reducing costs. The P&L statement is also known as a “statement of profit and loss”, an “income statement” or an “income and expense statement”.

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