Ans. The key components of a profit and loss statement include revenue (sales), cost of goods sold (COGS), gross profit, operating expenses, net profit, and taxes. Revenue represents the total income generated from sales, while COGS includes the direct costs associated with producing or delivering the goods or services. Gross profit is derived by subtracting COGS from revenue, and operating expenses include all other expenses incurred during business operations. Net profit is the final result after deducting operating expenses from gross profit, and taxes are calculated based on the net profit.