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🔷 The profit and loss statement is a financial statement that summarizes the revenues, expenses, and profits or losses of a business. This report portrays the financial results of a business for a specific period of time, such as for a month, quarter, or year.

🔷 The profit and loss statement is crucial to the business, for it reveals the ability of the business to generate a profit. As such, it is used to plan for the revenue improvement and cost reductions needed to improve profitability.

🔷 The financial statements are also comprised of the balance sheet and the statement of cash flows. At a minimum, one should review the profit and loss statement alongside the balance sheet, to gain a clear view of both the financial results and financial position of a business.

🔷 The profit and loss statement is also known as the P&L, P&L statement, profit statement, or income statement.

✅✅ SkySmart Accounting provides Profit and Loss reporting and analysis to small businesses nationwide