Profit and loss (P&L) can be defined as the net income or loss generated by an organization over a specific period. It is calculated by considering all revenue, costs, and expenses occurring in that period. The P&L statement is a financial statement that summarizes those three factors. The goal of every organization is to generate profit while keeping losses as low as possible. Hence, financial controllers must monitor P&L closely. Usually, public organizations issue a P&L statement on an annual or quarterly basis.