An individual can use a profit and loss statement as a subjective summary of overall revenue, costs and expenses. Evidently, the costs, revenues and expenses are somewhat incurred with a specific period of time. So, a profit and loss statement can also be known as a financial statement that has capacity to summarize the following things, just like; revenues, costs, expenses and the stability of company. However, the records collecting by the company will provide information that shows the ability of a company to generate profit by effectively increasing the revenue and reducing the costs.
Sample Profit And Loss Statement Template Preview;