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While it is arrived at through the income statement the net profit is also used in both the balance sheet and the cash flow statement.
Income statement vs p l. Anonymous i think income statement is the form that is used for non profitable organizations like charities and organizations where the income is not coming from sales or revenue or any commercial or trading activity. A business profit and loss statement shows you how much money your business earned and lost within a period of time. An income statement is often referred to as a p l. A profit and loss statement p l or income statement or statement of operations is a financial report that provides a summary of a company s revenues expenses and profits losses over a given period of time.
While profit and loss is used for trading economical organizations where profit is the target. The income statement is also known as statement of income or statement of operations. P l vs income statement by. P l is short for profit and loss statement.
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