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A/R Finance & Factoring Terms GLossary

What isIncome or Profit & Loss Statement (P&L)

An Income or Profit & Loss Statement (P&L) is a Financial Report that shows the total revenue and total expenses over a specific period of time, usually a month, fiscal quarter or an entire year. The profit shown on the bottom of the P&L should ALWAYS match the profit on the bottom of the corresponding Balance Sheet. Most importantly, one without the other is near worthless.

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