Basics of Profit and Loss Account (P/L)
Profit and Loss statement (P/L) statement is a document which contains information on the revenues, costs and profitability of a firm for any given period. Financial results are published each quarter by companies and hence we get quarterly P/L statements as well the final audited P/L statement with the annual report.
Given below is the most typical and simple structure of a P/L statement:
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