Anciens Huang / Getty Images The balance sheet and the profit and loss (P ... accepted accounting principles (GAAP). A P&L statement, more commonly labeled "statement of income" or "income ...

Shutterstock A company’s statement of income ... Accrual accounting recognizes revenue and expenses when they occur rather than when money is received or paid. Why Profit and Loss (P&L ...

That’s why every business should track revenue and expenses with a profit and loss (P&L) statement ... Expenses = Net Income This is your “bottom line” — what’s left after covering all your business ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

and how much profit or loss-- also called net income -- was generated for a given period of time. Typically, income statements are viewed monthly, quarterly, and/or annually. While the accounting ...

On a company’s income statement ... a company has turned a profit; a negative net income, or net loss, indicates that a company is unprofitable. Net income is an accounting figure.