A free sample from chapter 2 Accounting Fundamentals of our Landlord Accounting in QuickBooks guide. Section 2.07 Introducing the Income (P & L) Statement. We hope you’ll become a customer today, or sign up for the free e-course.
An Income (Profit and Loss) Statement records revenue and expenses over a specified period of time. It indicates how Net Revenue, also called the “top line,” (received from the sale of services before expenses are taken out) is transformed into Net Income, or the “bottom line,” (the result after all revenues and expenses have been accounted for).