The INCOME STATEMENT Explained (Profit & Loss / P&L)

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Income Statement Definition What a Basic Income Statement Looks Like An Analogy Expanding the Income Statement Direct Costs - Cost of Sales Gross Profit Indirect Costs - Overheads Operating Profit Comparative Periods Example Imaginary Company

The 'Income Statement', or 'Profit and Loss Statement' (P&L) is one of the three major Financial Statements, along with the Balance Sheet and the Statement of Cash Flows. In this tutorial, you'll find out what the Income Statement is and how you can use it to measure a business's financial performance.

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