Asked in Business Accounting and BookkeepingSales TaxFinancial Statements
What does the Profit and Loss statement indicates?
November 04, 2007 7:21AM
The statement of profit and loss follows a general format that begins with an entry for revenue and subtracts from revenue the costs of running the business, including cost of goods sold, operating expenses, tax expense and interest expense. The bottom line (literally and figuratively) is net income (profit).