Why Are Profit And Loss Accounts Prepared?
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Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the organization in the year for which it is prepared. It is prepared to disclose the results of operations of all the business transaction during a given period of time...
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a profit and loss statement is a financial report summarizing the revenue, cost and expenses a company incure for a specific period, usually, the profit and loss account is prepared monthly, quarterly or annually the profit and loss statement demonstrate your business ability to generate profits
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