Profit and Loss Statement
Content
Definition
A Profit and Loss Statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.
Usage and Context
A profit and loss statement summarizes revenues, costs, and expenses over a specific period.
Frequently asked questions
- What is the profit and loss statement? A profit and loss statement summarizes revenues, costs, and expenses over a specific period, showing net profit or loss.
- What is a financial statement that shows revenue expenses and profit or loss called? A financial statement that shows revenue, expenses, and profit or loss is called a profit and loss statement, or income statement.
- Which financial statement is often called a profit and loss statement? The income statement is often called a profit and loss statement.
Benefits
A profit and loss statement summarizes a company`s revenues, costs, and expenses over a specific period, showing financial performance.
Conclusion
Profit and Loss Statement summarizes revenues, costs, and expenses, showing financial performance.
