What is another name for a Profit and Loss Statement?

A Profit and Loss Statement is also known as an Income Statement. This document is essential for assessing a company's financial performance over a specific period, typically detailing revenues, expenses, and net income or loss. The Income Statement provides stakeholders, including management and investors, with insights into how effectively the company is generating profit from its operations.

In contrast, a Balance Sheet presents a snapshot of a company's assets, liabilities, and equity at a specific point in time, serving a different purpose. A Cash Flow Report tracks the flow of cash in and out of the business, focusing on liquidity rather than overall profitability, while a Financial Overview could refer to various financial documents and is less specific than the established terms. The Income Statement, therefore, remains the recognized term for summarizing profits and losses within a reporting period.