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Username: Andrew

Rating:
Guru Stars

Asked to: Tom Burke

Date Created: 17 Apr 2018
Category 28
Tag Financial
Question What is the 'Profit and Loss Statement (P
Advice from Guru
Hello Andrew,

A profit and loss statement (P&L) is 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 about a company's ability – or lack thereof – to generate profit by increasing revenue, reducing costs, or both. The P&L statement is also referred to as "statement of profit and loss", "income statement," "statement of operations," "statement of financial results," and "income and expense statement."

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