Question
Profit and Loss Account
Answer :
Word Count : 303
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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
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