What is a profit and loss statement?

Profit and loss statement

What is a profit and loss statement?

A profit and loss statement (also known as an income statement) provides insight into the financial consequences of your company's performance. Along with the balance sheet, the profit and loss statement comprises the annual financial statements of your company.

Specifically, a profit and loss statement includes your company's revenues and expenses. At the bottom line, it shows whether your business has made a profit or a loss over a certain period.

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