What do you meant by profit or loss
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Answer:
➡️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.
- Net profit is made if the total expenditure of your business is less than its sales.
- Net loss is if the total expenditure of your business is greater than its sales.
Explanation:
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Answered by
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Explanation:
profit is a positive gain remaining for a business after all costs and expenses have been deducted from total sales.
loss is the state of no longer having something as much as before.
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