P&L (Profit & Loss Statement)

Beginner 💰 Finance / Accounting

Definition

Same as an income statement but sounds more ominous—what everyone actually calls it because it's faster to say.

Example Usage

Print out the P&L so I can see where all our money went.

Origin

Shortened version of 'income statement' or 'profit and loss statement'

Fun Fact

P&L is the statement most likely to be scrutinized before staff meetings

Source: Common financial reporting terminology

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