Question

what do you mean by profit and loss​

Answer 1

Answer:

Definition:

The profit and loss statement shows the profit or the loss of a business during a certain time period. The profit and loss statement allows you to view the net profit or the net loss of your business during a particular accounting period, after the deduction of all income expenditure.

Profit :

Profit means to gain and earn something like money....

Loss :

Loss means to lose some thing from anybody....

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Answer 2

Answer:profit and loss are two ways which are very important things of any business!! All business depends on profit or loss!!

Step-by-step explanation:

1st con:-

Lossthe term conveys two different meanings. First,it conveys the results of the business for a period when expenses exceed the revenue!!for example

If revenues are $1,00,000 and expenses are $ 1,20,000,then the loss will be $ 20,000

2nd con:-

Profit it's monetary benefit or advantage resulting from a business transaction.

For example

If a building costing $ 5,00,000 is sold for 6,00,000 then 1,00,000 will be the profit on sale of building!!