The Income Statement, also known as the Profit & Loss Statement (P&L) is the statement of net profit or loss in a specific accounting period. Often run monthly, quarterly, and annually to show net profit or loss for a particular month, quarter, or year. Often compared to prior months, quarters, or years to gauge progress or decline of business. Also used as a guide for budgeting future months, quarters, and years.
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|Sheri Ann Richerson|