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PL is short for profit and loss statement.
Income statement is the same as profit and loss. These are three major parts or say stages of money received in the business. If you divide net profit by the average number of outstanding shares you will get EPS or earnings per share. Income also includes cash received.
A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time. A business profit and loss statement shows you how much money your business earned and lost within a period of time. First in the form of revenue then we arrive at profit and lastly it is the income remained with the company.
If youre doing a yearly PL then the profit and loss statement includes all income or sales for the year and all expenses for the year. The Balance Sheet report shows net income for current fiscal year and it should match the net income on the Profit Loss report for current fiscal year. The PL statement shows a companys ability to generate sales manage expenses and create profits.
Profit and loss accounts only show the gross profit of a company whereas income statements show the net profit of a company. Income can be understood as the actual earnings of the company left over after subtracting all expenses interest dividend taxes and losses. Income statements are sometimes called profit and loss statements but they are not the same as profit and loss budgets.
This is referred to as the indirect method. The profit and loss statement statement not account is the same as the income statement - its another term for the same report click the link here for an example and full lesson on the income statement profit and loss statement. Hope that makes sense and that you now understand the difference between these accounting terms.
The income statement is also known as a profit and loss statement statement of operation statement of financial result or income or earnings statement. The bottom line of a income statement is known as net income or loss for the period. 15 Statement of Profit or Loss and Other Comprehensive Income which is the amount of net profit after tax is negative which amounting RM 1242029.
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