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at the end of each business period a business generates a set of financial statements that show a clear picture to the management and business owners of how this business is performing and how it is managed this period is usually a month a quarter or a year the financial statements generated are the p l statement the balance sheet and the cash flow statement so what is p l the term p l stands for profit and loss the p l statement lists all the sources of revenue and all the different types of expenses and it is formulated to calculate the net profit of the business for that particular period of time lets have a look at the p l statement components for a retail business at the very top is the total sales or revenue for that given period for example a full year then there are the cogs this is the cost of the merchandise that has been sold during this period when you subtract the cogs from total sales you will get the gross profit this gross profit is where all the other expenses are goi
