Question

what is loss in accountancy​

Answer 1

Answer:

In financial accounting, a loss is a decrease in net income that is outside the normal operations of the business. Losses can result from a number of activities such as; sale of an asset for less than its carrying amount, the write-down of assets, or a loss from lawsuits.

Answer 2

Answer: Hey mate here is your answer

Explanation:

When a business sustains a loss, it has a responsibility to report that loss to the federal government and to its owners. Most people have an instinctive understanding of what a financial loss is; anytime you receive less for something than what you spent to acquire it, you have sustained a loss. However, it is important not to just recognize that a loss has occurred, but to be able to classify it and report it for financial reporting and tax purposes.

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