what is profit & loss in accounts

What is profit & loss in accounts

A profit and loss or P&L account is a financial statement that summarizes a business revenue and expenses over a given period of time. It shows whether the business made a profit or loss during that period. A P&L account is generated on a given date to reflect the assets and liabilities of the business on that date. It is usually generated over a period of time such as a year, half-year, or a quarter.