I typically ask about various items on the profit and loss (P&L) — also called an income statement — without actually referring to the document itself. I'll usually ask about the cost of goods ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

Can an accountant do a profit and loss statement? A certified income statement requires the services of a certified public accountant. Financial statements are certified by a CPA who examines them, ...