MANAGEMENT

Detailed explanation-1: -A profit and loss statement (P&L), or income statement or statement of operations, is a financial report that provides a summary of a company’s revenues, expenses, and profits/losses over a given period of time. The P&L statement shows a company’s ability to generate sales, manage expenses, and create profits.

Detailed explanation-2: -Profit and Loss (P&L) Statement 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-3: -The income statement is a financial statement. The revenue and expense account balances on the income statement are transferred to the income summary account. The income statement is used to record expenses and revenues.