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.Also view Shortcut formulas for Profit & Loss.