What Is a Profit and Loss Account?
Also known as Income Statement
This is a simple report that shows:
✅ How much money your business made
❌ How much money your business spent
💰 Whether you made a profit or a loss
It covers a period of time — like a month, 3 months, or a full year.
What’s Inside the Report?
Sales (Revenue): Money you earned from selling things or services
Cost of Goods (COGS): What it cost you to make or buy…
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