difference between income statement and profit and loss

The terms 'Income Statement' and 'Profit and Loss' (P&L) statement are often used interchangeably. Both refer to the same financial document that outlines a company's revenue, expenses, and net income or loss over a specific period. While 'Income Statement' is the formal accounting term, 'Profit and Loss' is a more casual or traditional name, but they serve the same purpose in evaluating a business’s financial performance.