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What is profit and loss?

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What is profit and loss?

Posted by Tulika Kamra 5 years, 3 months ago

CBSE > Class 08 > Mathematics

1 answers

Meghna Thapar 5 years, 3 months ago

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. The profit & loss account provides information about an enterprise's income and expenses which result in net profit or net loss. It helps a businessman to evaluate the performance of an enterprise and provides a basis for forecasting future performance.

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