profit-and-loss statement
Học thuậtThân thiện
Definition
Noun: A formal financial document that summarizes a company's revenues, costs, and expenses incurred during a specific accounting period, such as a quarter or a year. It shows the company's ability to generate profit by increasing revenue, reducing costs, or both. The statement culminates in a net profit or net loss figure for the period.
Usage
This term is used in business, accounting, and finance contexts to refer to a core financial report. It is a standard document for assessing a company's financial performance over time.
Examples
- The board reviewed the profit-and-loss statement before approving the annual budget.
- A detailed profit-and-loss statement is required when applying for a business loan.
- Investors analyzed the quarterly profit-and-loss statement to gauge the company's health.
Advanced Usage
- Commonly abbreviated as: "P&L statement" or simply "the P&L".
- Synonymous with: "Income statement" or "statement of operations". These terms are often used interchangeably in business English.
- It is one of the three core financial statements, alongside the balance sheet and the cash flow statement.
Variants and Related Words
- Income Statement (n.): The most common synonym for a profit-and-loss statement.
- Statement of Operations (n.): A formal alternative name for this financial report.
- P&L (n.): The standard abbreviation used in spoken and written business English (e.g., "Let's check the P&L").
Synonyms
- Income statement
- Earnings statement
- Statement of operations
- Statement of financial performance
Related Phrases
- To run a P&L: To generate or prepare a profit-and-loss statement.
- Example: The accountant will run a P&L for the last quarter.
- Bottom line: An idiom referring to the net profit or loss figure found at the bottom of a profit-and-loss statement.
- Example: The new strategy improved our bottom line significantly.
Noun
- a financial statement that gives operating results for a specific period