Answer / Kuldeep Kumar

Profit and Loss (P&L) or Income Statement refers to a financial report that summarizes a company's revenue, costs, expenses, and net income over a specific period. It shows the company's financial performance during that time.

In the Cash Flow Statement, the Profit and Loss accounts for changes in working capital and operating activities. The Direct Costs (Dr) are subtracted from Revenues to calculate the Gross Profit, while Indirect Costs (Dr) are deducted to arrive at Operating Profit or Earnings Before Interest and Taxes (EBIT).

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