Question
Profit and Loss Account
Answer :
Word Count : 333
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Skip in 10
The purpose of the profit and loss account is to:
- Show whether a business has made a PROFIT or LOSS over a financial year.
- Describe how the profit or loss arose – e.g. categorising costs between "cost of sales" and operating costs.
A profit and loss account starts with the TRADING ACCOUNT and then takes into account all the other expenses associated with the business.
Trading account
The trading account shows the income from sales
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