Question

what is profit or loss ?


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Answer 1

Step-by-step explanation:

If the selling price is greater than the cost price, then the difference between the selling price and cost price is called profit. If the selling price is less than the cost price, then the difference between the cost price and the selling price is called loss.

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Answer 2

Answer:

The term profit and loss (P&L) statement refers to a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a quarter or fiscal year. These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both.1 These statements are often presented on a cash or accrual basis.

Step-by-step explanation:

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