Question

what is profit and loss account ?
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Answer 1

Explanation:

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

Answer 2

Question :-

what is profit and loss account ?

Answer :-

A profit and loss account shows a company’s revenue and expenses over a particular period of time, typically either one month or consolidated months over a year. These figures show whether your business has made a profit or a loss over that time period.

Profit and loss accounts show your total income and expenses, and also shows whether your business has earned more income than it has spent on its running costs. If that is the case, then your business has made a profit.

The profit and loss account represents the profitability of a business. It cannot, for example, show you if you are running out of cash as you build stock. For this sort of insight, you’ll need a balance sheet

The profit and loss account is also known as a P&L report, an income statement, a statement of operation, a statement of financial results, or an income and expense statement.

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