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Financial statements

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(Querist)
03 July 2014 why is the income statement known as profit AND loss statement & why not as profit OR loss statement?
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03 July 2014 The profit and loss account shows the particulars through which the profit or income has been earned by an organization like any income received for the work that has been done. And at the same time, it also shows the particulars (like depreciation, bad debts,expensses) through which the firm's profit may get reduced or may incur loss. As it shows both the profit generating item and loss generating item at the same time and in the same account, it is known as profit AND loss account
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