DEAR MANI,

The Profit and loss account is also known as a "statement of profit and loss", an "income statement"(in US) or an "income and expense statement".

The difference you are emphasizing is related to type of industry i.e. Manufacturing or Services. Manufacturing Concerns term their income statement as P&L account as they have to show their cost of goods sold separately. In 2011 ACCS paper, the question was about a services business so they termed the statement as Income Statement.

Regards,

Zulfiqar Ali (MBA Finance)