Balance Sheet vs. Profit and Loss Statement: An Overview The balance sheet and the profit and loss (P&L) statements are regularly issued by companies.

Use this profit and loss template to build your own profit and loss account as a small business owner.

A profit and loss account (P&L) is a statement of sales income and expenditure over a specified period, and any profits or losses made. Essentially, the profit or loss is the difference between ...

The income statement summarizes the total revenue, expenses and profit or loss incurred during the period covered. A balance sheet does not involve time periods similar to income statements.

Among the more common financial statements a company may need to prepare are a balance sheet, a profit or loss statement, a cash flow statement, and a shareholder's equity statement.

Understand the basics of financial statements and how to analyze them to learn more about a corporation. The most important are balance sheets, income statements and cash flow statements.