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How do I read a profit and loss statement?

A Profit and Loss Statement is one of the three key financial reports produced by the accounting system for a business. The other two are Balance Sheet and Cash flow Statement. The Profit and Loss Statement (Also Known As - Statement of Financial Performance or Income Statement) reports on the financial sustainability of an enterprise. It measures the enterprises' ability to endure which is quantified by the net profit which is also known as the bottom line because it's the last line of the ...