Definition of Profit and loss account

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TeachMeFinance.com - explain Profit and loss account




historic definition...

Profit and loss account -- The surplus income account. In a balance sheet a profit and loss deficit appears as a debit; a profit and loss surplus appears as a credit. The profit or loss of a company is shown by the change in the profit and loss item. This change, plus dividends paid, shows the actual profit.



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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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