Profit and Loss Statement

A Profit and Loss Statement is a financial document summarizing a company’s revenues, expenses, and profit or loss over a specific period, aiding HR planning.

1. What is a profit and loss statement?
   Answer: It is a document summarizing revenues, expenses, and profit or loss.
   
2. What does it include?
   Answer: It includes sales, costs, and net income.
   
3. Why is it useful for HR?
   Answer: It informs budgeting for salaries and training.
   
4. How often is it prepared?
   Answer: It is prepared monthly, quarterly, or annually.
   
5. Who creates it?
   Answer: Finance or accounting teams create it.