A profit and loss statement template is a financial document which summarizes the income, costs and expenses of a business during a specific time period. It provides a detailed summary of how much profit and loss a business earns. Moreover, financial analysts frequently use this statement to evaluate the performance of a business. Similarly, it highlights different beneficial factors which are essential for a business, if it claims profitability or loss during the year. Moreover, the profit and loss statement is often considered a mandatory part of an income statement which usually provides a brief explanation of operating costs, gross profit, along with before tax and after-tax earnings. That is the reason why this statement is different from an income statement. Furthermore, it includes the following information as content, like the company name, logo, details about the company, date, time, different blocks for creating a description of the profit and loss statement, operating and non-operating expenses, deductions and any other crucial information along with the signature of the authorized person.