The main categories that can be found on the P&L include:
•Revenue (or Sales)
•Cost of Goods Sold (or Cost of Sales)
•Selling, General & Administrative (SG&A) Expenses.
•Marketing and Advertising.
•Technology/Research & Development.
• Interest Expense.
• Taxes.
• Net Income.
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•Statement of profit and loss
•Statement of operations
•Statement of financial results or income
•Earnings statement
•Expense statement
•Income statement
Similar to the cash flow statement, the P&L or income statement displays changes in accounts over a predetermined time period. The balance sheet, on the other hand, provides a picture of the company's assets and liabilities at any given time. Given that a business might record revenues and expenses before actual cash exchanges hands when using the accrual method of accounting, it is crucial to compare the income statement with the cash flow statement.