A P&L statement is a financial statement that summarizes revenues, costs, and expenses for a specific period.
A financial statement that outlines the sales, expenditures, and expenses incurred during a specific time period—typically a quarter or fiscal year—is referred to as a profit and loss (P&L) statement.
These documents reveal if a business can produce a profit by raising sales, cutting expenses, or doing both. P&L statements are frequently displayed using the cash or accrual method. P&L statements are used by investors and corporate managers to assess a company's financial condition.
Similar to the cash flow statement, the P&L or income statement displays changes in accounts over a predetermined time period. The balance sheet, on the other hand, provides a picture of the company's assets and liabilities at any given time.
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