what is a profit and loss statement
A Profit and Loss (P&L) Statement, also known as an income statement, is a financial report summarizing a company\'s revenues, costs, and expenses over a specific period (like a month, quarter, or year) to show if it made a profit or incurred a loss, revealing its financial performance and profitability. It follows the basic formula: Revenue - Expenses = Profit (or Loss), with net income often called the \"bottom line\".