Profit & Loss Shortcut tricks for bank po, clerical exams

Profit and loss statements, also known as income statements or statements of financial performance, are a summary of the income and expenses of a business that determine the profit made in a given time period. Profit and loss statements are usually performed periodically, either annually, quarterly or monthly.

Profit and Loss (P & L) responsibility is one of the most important responsibilities of any executive position. Having P & L responsibility involves monitoring the net income after expenses for a department or entire organization, with direct influence on how company resources are allocated.

Subtract the COGS from revenue to find the gross profit. Divide the gross margin by revenues and multiply by 100 to convert to a percentage. This is your profit margin. Written as a formula, profit margin is P = (R -- C)/R * 100, where R is revenue and C is cost of goods sold.