Question

what is the purpose of profit and loss account?​

Answer 1

Answer:

A profit and loss (P&L) statement summarizes the revenues, costs and expenses incurred during a specific period of time. A P&L statement provides information about whether a company can generate profit by increasing revenue, reducing costs, or both.

Answer 2

Answer:

A profit and loss (or income) statement lists your sales and expenses. It tells you how much profit you're making, or how much you're losing. You usually complete a profit and loss statement every month, quarter or year.

Explanation:

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