Which of the following is the primary purpose of a prolit and loss statement in a business plan? To provide a summary of a company's financial position at a specilie point in time To outline the company's assets and liabilities To project future revenue streams for the business To track the company's income and expenses over a period of time

Question

Which of the following is the primary purpose of a prolit and loss statement in a business plan? To provide a summary of a company's financial position at a specilie point in time To outline the company's assets and liabilities To project future revenue streams for the business To track the company's income and expenses over a period of time

Answer 1

The primary purpose of a profit and loss statement (also known as an income statement) in a business plan is:**To track the company's income and expenses over a period of time.**This statement provides a summary of the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year. It shows how the revenues are transformed into net income or net profit, which helps stakeholders understand the financial performance of the company over that period.

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