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Profit and Loss Accounting Definition.
Profit and loss account definition. What is a profit and loss PL account. The PL statement shows a companys ability to generate sales manage expenses and create profits. Profit Loss account also known as the Income statement is a financial statement that summarizes the revenue and costs incurred by an organization during the financial period and is indicative of the financial performance of the company by showing whether the company has made a profit or incurred losses in that period.
Profit and loss account an account that shows the revenue and expenditure of a business during a given period resulting in a net profit or loss and provides a link between successive balance sheets. Profit and loss statements are usually looked at in conjunction with a companys balance sheet which reports a companys assets liabilities and shareholders equity and cash flow statement which shows any changes in balance sheet accounts and income. Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period ie.
It is prepared to determine the net profit or net loss of a trader. Gross profit or loss of a business is ascertained through trading account and net profit is determined by deducting all indirect expenses business operating expenses from the gross profit through profit and loss account. PL account is a component of final accounts.
This account is prepared in order to determine the net profit or net loss that occurs during an accounting period for a business concern. Meaning and Definition of Profit and Loss PL Account. Profit and loss account.
A P. A document that shows a companys profit or loss in a particular period. The profit and loss PL statement is a financial statement that summarizes the revenues costs and expenses incurred during a specified period usually a fiscal quarter or year.
The account that shows annual net profit or net loss of a business is called Profit and Loss Account. Profit and loss account shows the net profit and net loss of the business for the accounting period. Collins Dictionary of Law WJ.
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