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It also records any expenses or costs incurred by these revenues such as depreciation and taxes.
P&l account meaning. What is a profit and loss statement also known as a profit and loss sheet or profit and loss account. Gross profit or loss of a business is ascertained through trading account and net profit is determined by deducting all indirect expenses business operating expenses from the gross profit through profit and loss account. Profit and loss account Definition The account that shows annual net profit or net loss of a business is called Profit and Loss Account.
It is also known as the income statement or the statement of operations. The PL account takes revenues into account for a specific period. A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time.
The profit and loss statement summarizes all revenues and expenses a company has generated in a given timeframe. The profit and loss p and l account or PL for a business contains valuable information about how well its doing. Profit Loss Account on the other hand also known as income statement is the account that shows the revenue earned and expenses sustained by the company during the course of business in a financial year.
What Does PL Mean. At the end of the year net profit or net loss will be moved to. The two statements are an integral part of the financial statement meaning that financial statement cannot be reported without these two.
The PL statement shows a companys ability to generate sales manage expenses and create profits. Along with the balance sheet its one of the most important reports that your business can produce. P.
Topic 4 - Important Terminology. And also show whether your profession has earned. Topic 2 - Measurement of Income.
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