What Is the Actual Difference between Income Statement vs Profit and Loss?

Learning about  income statement vs profit and loss  assists business owners to read the financial performance appropriately. Although most people use the term interchangeably, the description of the income statement is concerned with revenues, expenses and net results over time. Conversely, a combination of the balance sheet and the income statement provide both position and performance. The analysis of the income statement and balance sheet indicates the nature of relationship between profits and assets and liabilities.