Question

what do you mean by prifit and loss account ?​

Answer 1

$\huge\colorbox{orange}{Answer:}$

❥︎ The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.

❥︎ The P&L statement is synonymous with the income statement.

❥︎ These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both.

❥︎ Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

ᕼOᑭᗴ TᕼIՏ ᕼᗴᒪᑭՏ YOᑌ ❤

ՏᑌᖇᗴᒪY, TᕼᗩᑎK ᗰY ᗩᑎՏᗯᗴᖇ ✌❣