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Profit and loss accountProfit and loss accountA business profit and loss statement (P&L) which is also referred to as an income statement and with non-profit bodies as an income and expenditure statement. A company's profit and loss account represents the revenue or turnover (money received from the sale of products and services) of the business less the cost of sales and overhead expenditure to give you the net profit or loss or "bottom line" for a given period. The "top line" of the profit and loss includes the turnover less cost of sales and the net of these is the gross profit. The purpose of the profit and loss account is to show directors/managers and investors whether the company made a net profit or a net loss (i.e made or lost money) during the period being reported. Unlike a balance sheet, which represents a fixed point in time, a profit and loss account represents a period of time, which could be a month or longer period. This contrasts with the balance sheet, which represents a single moment in time. Important business ratios such as the gross profit margin, which is gross profit divided by revenue, and net profit margin, which is net profit divided by revenue are taken from the business profit and loss statement. It is important to remember that a businesses profit and loss is different to the cash flows generated by the same revenue and expenses include in the profit and loss statement. This is why when a business plan is prepared it is necessary to produce a profit and loss report together with a cash flow report. |
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