Profit and Loss Account
An accounting statement that shows a company's trading position over a given period of time - usually the financial year. This statement details the sales revenue and business expenditure over the period.
Definition of
profit and loss account
Accounting
record of firm's external financial transactions the summary record of a company's sales revenues and expenses over a period, providing a calculation of profits or losses during that time.
Profit and Loss account
A financial statement measuring the profit or loss of a business - income less expenses - for an accounting period.
extraordinary gains and losses ...
Profit and loss account
A financial statement showing the earnings and expenses of a company over a given reporting period (as distinct from a balance sheet, which shows the company's assets and liabilities at a set point in time).
Profit and loss account
An account compiled at the end of a financial period showing the company's income and costs for the period and indicating gross and net profit or loss. Also called an income statement or earnings statement.
Profit and loss account
A statement of income received during a given period and the costs incurred to generate that income. It includes sales, costs, overheads, interest charges and a provision for tax and dividends.
Prohibition notice ...
Profit and loss account - An account made up of revenue and expense accounts which shows the current profit or loss of a business (i.e.. whether a business has earned more than it has spent in the current year).
A profit and loss account - Income vs Expenditure showing net profit (loss)
Balance Sheet - A list of the liabilities and assets of a firm
Related Essays and Revision Notes
Profit and Revenue for firms ...
A Profit and Loss account is nothing more than a summary of Income and expenses, taking into consideration the period when they occurred, as opposed to when they were really paid for.
(a) Profit and loss accounts by month for at least 12 months, preferably 3 years, annually thereafter. The breakeven point should be clearly identified.
(b) Cash flow projections, monthly and yearly as above ...
The profit and loss account summarises the changes in the accumulated profit and loss line of the balance sheet, and therefore the owners equity, as an accounting statement.
Certain Profit and Loss Account constant real value non-monetary items, most notably salaries, wages and rentals, are inflation-adjusted by means of the CPI, that is, valued or measured in units of constant purchasing power, in most economies.
structuring the profit and loss account according to type of expense or revenue
Treasury management
Group-wide management of cash and foreign-exchange flows as well as financial risk transactions ...
Income statement (profit and loss account)
Balance sheet
Larger companies must usually publish an addition report generally called the cashflow statement ...
Difference between Profit and loss account and Profit or loss account?
What is statement of profit or loss?
What is Profit and loss Account?
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Master budgets are the forecast or planned Profit and Loss Account and Balance Sheet. Subsidiary budgets include those for sales, output, purchases, labor, cash etc.
Taking the trial balance shown above, the following represent the trading account, profit and loss account, and balance sheet compiled therefrom.
An annual charge made in a company's profit and loss account to reduce the value of an intangible asset to zero over a period of years. A co...(Read more)
Analyst ...
Income statement (USA); Profit and loss account (UK):
The statement of revenues received and expenses incurred by a firm during a particular time period, leading to the calculation of net income or net profit.
A statement of the financial condition of the company and its activities over the past financial year, including Profit and Loss account, Balance Sheet, Notes and a Statement of Cash Flow.
Includes the company's profit and loss account, balance sheet, notes and statement of cash flow. All publicly listed companies are obliged to make these available to shareholders.
Indicates entries that are above the horizontal line on a company's profit and loss account that separates items which establish the profit or loss from entries which show how the profit is distributed.
ABS ...
These set out the company's yearly financial performance. They comprise the Profit and Loss Account, Balance Sheet, Notes and a Statement of Cash Flow. All PLC companies are obliged to make these available to shareholders.
Key Figures over 10 years
Key Figures per Operating Segment
Balance Sheet
Profit and Loss Account
Financial Glossary
IFRS ...
Amortising an asset effectively transfers its value, or the part that is being written off, from the balance sheet to the profit and loss account, where it reduces taxable income.
Annual Accounts
A yearly summary of the financial position of a company or superannuation fund. Typically includes a balance sheet and profit and loss account.
the lessee holds the right to capitalize principally have an off-balance-sheet status and thus do not appear in the accounts of the lessee. The lessee only must enter as operating expenses leasing related expenditure in his profit and loss account.
For CASH CREDIT and OVERDRAFT facilities, there are some specified criteria for identifying NPAs. Income from NPAs cannot be taken to the profit and loss accounts of banks, as per Reserve Bank of India's directive.
TURNOVER -- Volume of business of an enterprise as set forth in the profit and loss account. It is usually measured by reference to the gross receipts, or gross amounts due, from the sale of goods or services, etc. supplied by the entity.
 See also: Expense, Capital structure, Accounting period, Values, Banks
  
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