Shutterstock A company’s statement of income is often called its profit and loss (P&L) statement. It lists revenues, expenses, and net profit for the period covered. There are typically ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

The profit and loss statement reports how a company made or lost money over a period. So, they are not the same report. Generally, publicly traded companies place the balance sheet in front of ...