What does 'PandL' stand for in financial statements?

'PandL' stands for 'Profit and Loss' in financial statements. This term refers to the financial performance of a business over a specific period, showing the revenues earned and the expenses incurred. By summarizing income and expenses, a Profit and Loss statement, often called an income statement, provides insight into the company's ability to generate profit. This information is crucial for stakeholders, as it illustrates the financial health of the business, helping them make informed decisions regarding investments, management, and operations.

Other options don't accurately represent the common terminology used in financial reporting. For example, the terms 'Payable and Loss,' 'Price and Loss,' and 'Provision and Liability' do not relate to the fundamental concepts of measuring profitability and financial performance in the context of financial statements. Thus, 'Profit and Loss' is the correct term to describe this essential component of financial analysis.