The Main Parts of Profit and Loss Account (P&L Account)

Profit and Loss Account (P&L Account), or an income statement, contains financial data which business stakeholder groups find extremely useful. It shows the Sales Revenue, all business costs and profit or loss of a business over a given period of time. It is one of the Final Accounts.

Profit and Loss Account (P&L Account) is produced both for internal use and external use. Internally, managers need timely access to as much financial information as possible to make important business decisions. Externally, current shareholders and potential new investors need information to assess the performance of their investment, or make decisions whether to invest in this company or not.

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