BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A statement of profit and loss is another name for:
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The income statement
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The balance sheet
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The statement of cash flows
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The statement of changes in equity
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The accounting equation
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Explanation:
Detailed explanation-1: -A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.
Detailed explanation-2: -Did you know?: Other names for a P&L statement include income statement, earnings statement, revenue statement, operating statement, statement of operations and statement of financial performance.
Detailed explanation-3: -An income statement shows a company’s revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement.
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