Practice Quiz

PHR Human Resources

Category - PHR

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What kind of information is provided in a company’s P&L statement?
  1. Information about money that flowed through the accounting period: where it came from and what it was used for
  2. How many employees left the company or retired in a given year
  3. Information about the financial results of the company’s operations in the reporting period: what the profits and losses were
  4. It reports current salary information and how it compares to the national standard
Explanation
Answer: C - Information about the financial results of the company’s operations in the reporting period (i.e. what the profits and losses were) is provided in a company’s P&L statement.

Key Takeaway: The profit and loss statement (P&L), also known as the income statement, generally provides coherent and important information about the financial results of the company’s operations in the given reporting period. This can include how much revenue was produced, the costs of overhead expenses, and/or the profits and losses (hence, P&L) of the period.
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