A Profit and Loss Statement (P&L Statement) is a financial statement that provides a summary of a company's revenues, costs, and expenses over a specific period of time, usually a quarter or a year. It is also known as an income statement, statement of operations, or statement of earnings.The P&L Statement shows a company's profitability over a certain period by subtracting its total expenses from its total revenue. The revenue includes all the money a company earns from sales, services, and other sources. The expenses include all the costs of doing business, such as salaries, rent, utilities, supplies, and taxes.The resulting profit or loss is an important metric for investors, creditors, and other stakeholders, as it provides insights into the financial health and performance of the company. It can also help management make informed decisions about future investments, pricing strategies, and cost-cutting measures.