An income statement or profit and loss statement (P&L) summarizes income and expense activity over a specified period such as a month, quarter, or year, and shows gross profit or loss.

Question

Quizplus · Accepted Answer

The Answer of An income statement or profit and loss statement (P&L) summarizes income and expense activity over a specified period such as a month, quarter, or year, and shows gross profit or loss.

An Income Statement or Profit and Loss Statement (P&L) Summarizes