What is profit/loss a/c? The profit /loss a/c statement is a financial statement that summaries the venues costa and expenses incurred during a specified period or year.

Question

Accepted Answer

A profit/loss a/c statement summarizes revenues, costs, and expenses incurred during a specified period.

It shows the financial performance of a company over a specific period of time.
Revenues and gains are listed on the credit side, while expenses and losses are listed on the debit side.
The difference between the two sides represents the net profit or loss for the period.
It helps stakeholders assess the profitability and financial health of the company.
Example: A company's profit/loss a/c for the year 2020 shows total revenues of $1,000,000 and total expenses of $800,000, resulting in a net profit of $200,000.

Accepted Answer

The profit/loss a/c statement is financial statement that summerizes that costs.

What is profit/loss a/c? The profit /loss a/c statement is a financial statement that summaries the venues costa and expenses incurred during a specified period or year.

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