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TERM OF THE DAY

Profit and Loss Statement 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."

Breaking it Down: The profit and loss statement, commonly referred to as the income statement, is one of three financial statements every public company issues quarterly and... Read More