Income statement, Expenses and Revenues Transaction
A profit and loss statement is often quoted to as income statement, operating statement or financial performance statement. During a given period it details the revenue and the costs and expenses charged against that revenue. The both profit and loss statement view owners of business, stockholders and investors whether the company made a profit and loss.
Since the profit and loss statement is an essential point for making decisions for the smart business, in general, it is produced every month.