Accounts in p&l account

Question

Accepted Answer

Accounts in P&L account refer to the various income and expenses recorded in the profit and loss statement.

Accounts in P&L account include revenue, cost of goods sold, operating expenses, interest expenses, and taxes.
Revenue accounts represent income generated from sales of goods or services.
Cost of goods sold accounts represent the direct costs associated with producing goods sold by the company.
Operating expenses accounts include salaries, rent, utilities, and other day-to-day expenses.
Interest expenses accounts represent the cost of borrowing money.
Taxes accounts represent the company's tax obligations.
Accounts in P&L account are used to calculate the net income or loss of a company for a specific period.

Accepted Answer

Profit and loss A/C  in all expenses in debit

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