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In this video, you'll learn about the income statement, also known as the profit and loss statement or the PL. It is one of the three major financial statements in accounting, along with the balance sheet and the cash flow statement. Collectively, these reports provide an impression of a business's financial health. It is important to understand how they work. This video covers the income statement, with previous videos covering the balance sheet and cash flow statement. Thanks to a subscriber named Nili for requesting this topic.