A profit and loss statement template is a financial statement of a company that will give you a quick snapshot of your business’s health by showing your business’s income and expenses over a certain period of time. It is also known as an income statement or state of income from organization to organization. Moreover, it also lists your sales and expenses, which are generally recorded on a monthly, quarterly or yearly basis. These statements have become a critical part of analytic tools for investors, business managers and accountants to assess the health of a business. A profit and loss statement outlines how effectively an organization creates a profit through buying stock and selling products or services. However, an individual person or company can highlight the values of their profit and loss via arranging the figures of profit and loss on a table which enclose the values for a specified period of time. Why a Profit and Loss Statement is Essential for Public? The profit and loss statement is essential for the public because it shows the company’s revenue and expenditure over a specific period of time, which is usually an accounting year. Therefore, it is necessary to gain the trust of