Meaning of profit and loss account
Profit and loss account
The following texts are the property of their respective authors and we thank them for giving us the opportunity to share for free to students, teachers and users of the Web their texts will used only for illustrative educational and scientific purposes only.
The information of medicine and health contained in the site are of a general nature and purpose which is purely informative and for this reason may not replace in any case, the council of a doctor or a qualified entity legally to the profession.
Business glossary
Meaning of term profit and loss account :
The profit and loss account differs significantly from the balance sheet in that it is a record of the firm's trading activities over a period of time whereas the balance sheet is the financial position at a moment in time. The profit and loss account is split into three parts. The first is the trading account that shows how the company has performed in terms of their production and sales. The second part is the profit and loss account that shows the impact of the company's expenses and tax and interest on the trading profit. The final part is the appropriation account that shows what they do with the profit - whether they retain it or distribute it to shareholders. In practice these three parts are all blended together and termed the profit and loss account.
The meaning indicated above are indicative not be used for legal purposes
Source : http://business-tes.wikispaces.com/file/view/Glossary.doc
Google key word : profit and loss account
Author : not indicated on the source document of the above text
If you are the author of the text above and you not agree to share your knowledge for teaching, research, scholarship (for fair use as indicated in the United States copyrigh low) please send us an e-mail and we will remove your text quickly.
Profit and loss account
If you want to quickly find the pages about a particular topic as profit and loss account use the following search engine:
Meaning of term profit and loss account
Please visit our home page
Larapedia.com Terms of service and privacy page