What is the profit and loss account?

Father of whole business it shows your effords for business and products it shows profit and loss 

the profit and loss account "income statement" is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.

It is the statement showing revenue and expenditue, and profit earned during a particular period.

A financial statement showing a company's net profit or loss after neting off revenue and cost for the given period.

Descripting the “profit and loss account” as a financial statement is a misleading and incorrect, as defined financial statement under IFRS are statement of financial position, statement of profit or loss and other comprehensive income, change in equity, cash flows and the notes also the comparative information.

However the phrase “profit and loss account” indicates and usually used to emphasis one or all of the below:

1.       Account used to record financial events that affect the statement of profit and loss “revenue or expense”

2.       The final result concluded by offsetting the revenues to the expenses.

its other name is income Statment in which expensess of companies and revinue of that company tells

Account gives you the final result of profit   and loss 

  that =  revenues - expenses

of one period 

it is a financial statements of a concert for the particular period