Question

profit and loss definition and example​

Answer 1

Answer:

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. ... These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both.

Answer 2

A profit and loss statement is calculated by taking a company's total revenue and subtracting the total expenses, including tax. If the resulting figure – known as net income – is negative, the company has made a loss, and if it is positive, the company has made a profit.

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