Did you like how we did? Rate your experience!



46 votes

What is the difference between profit and loss statements and income?

The statement which describes revenue minus expenses equals net income is known by the following names: Statement of Operations Profit and Loss Statement (commonly called P&L) Statement of Earnings Income Statement Statement of Income In a publicly-traded US company, #1 is used. Internally, #2 is most commonly used. I haven't a clue why it has assumed so many names and why there doesn't seem to be a standard name.

Loading, please wait...