What is the difference between an "Income and Expenditure Statement," a "Profit and Loss Account," and a "Statement?"
submitted by John Cochrane

Kat

An income and expenditure statement/income statement/statement of profit or loss and other comprehensive income is a financial report that shows an entity's income, expenses and net profit (or loss) at the end of a period.

A profit and loss account is a final account used at year end to determine an entity's profit or loss. All the nominal accounts are closed off to the P/L account i.e. sales and expense accounts and the entity's net profit (or loss) is calculated.

A statement is a document which shows invoices that have been issued, payments received, outstanding balances and the ageing of the outstanding balances.