Every company produces three important financial reporting documents when the fiscal period comes to a close: the balance sheet, cash flow statement, and the profit and loss statement. Among these, ...

Understanding the Profit and Loss (P&L) statement is critical for business success. Differentiating between fixed costs and variable costs is essential. Businesses rarely sell a single product or ...

The new international accounting standard is aimed at more consistent reporting that’s better aligned with how businesses are ...

Breaking Down Financial Statements Whether you’re a seasoned investor or just trying to get a better handle on finance, understanding financial statements is a skill worth having in your toolkit. Sure ...

In the first part of this series we dealt with the balance sheet ("Understand your financial statements," September, pg. 30), and now we are going to move onto the profit-andloss statement, hereafter ...

Law firms have the same financial reporting requirements as any other public or private business. Firms are, for example, required to prepare profit and loss statements regardless of the accounting ...

Do you know how to read a profit and loss statement? Do you know what your gross profit margin is and what it means for your bottom line? How about your Cost of Goods Sold? If you are like many ...

With tax season just around the corner—the IRS has announced that filing season will open on Monday, Jan. 29, 2024—many taxpayers are scrambling to get their records together and bracing to find out ...

One of the highlights of PSA-TEC 2025 in Denver for me was an educational session that I had the privilege of co-hosting: “Effective Leadership Using P&L Statements.” Led by PSA CFO Allen Riggs, the ...

A profit and loss statement (P&L), also known as an income statement, provides a summarized view of a company's financial performance over a specific period. It lists revenue, costs and expenses, ...

What Is a Profit and Loss (P&L) Statement? Your email has been sent Learn how profit and loss (P&L) statements are used and why they are important for businesses in this comprehensive guide. A profit ...