Profit and loss account

 

 

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Profit and loss account

 

Glossary of business

 

Definition of 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.

 

Source : http://business-tes.wikispaces.com/file/view/Glossary.doc

link: http://business-tes.wikispaces.com/

Author : not indicated on the source document of the above text

 

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Definition and meaning of profit and loss account

 

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