``The profit and loss statement provides a summary of the cost, expenses and the revenues for the specified period on an annual basis or fiscal quarter. The P & L statement can be synchronized with the income statement and the records provide information about the inability as well as the ability of the company. The generated profit increases the revenues, reduces the cost and both processes are also possible. The income statement refers to the statement of the profit and loss, statement of the financial results, statement of the operations, earning statement, and expense statement [3].  

References of Statement of profit and loss  of Accounting Misconception