profit and loss account

profit and loss account
profit and loss account NOUN an account to which incomes and gains are credited and expenses and losses debited, so as to show the net profit or loss.

English terms dictionary. 2015.

Look at other dictionaries:

  • profit and loss account — index budget Burton s Legal Thesaurus. William C. Burton. 2006 profit and loss account …   Law dictionary

  • profit-and-loss account — UK US noun [C] UK (US profit and loss statement) ► ACCOUNTING, FINANCE a document that shows a company s profit or loss in a particular period: »This loss would be shown as a charge in the profit and loss account. → See also EARNINGS REPORT(Cf.… …   Financial and business terms

  • profit and loss account — 1. A statement showing a company s income and expenditure over a period of time, usually one year. Part of the financial statements of the company. Dresdner Kleinwort Wasserstein financial glossary 2. A reserve in a company s balance sheet,… …   Financial and business terms

  • profit and loss account — noun Profit and loss account is used before these nouns: ↑account …   Collocations dictionary

  • profit and loss account. — See income account (def. 2). [1720 30] * * * …   Universalium

  • profit and loss statement — statement of revenue and expenses showing the profit or loss for a certain period of time. Glossary of Business Terms * * * profit and loss statement UK US noun [C] US ► ACCOUNTING, FINANCE PROFIT AND LOSS ACCOUNT(Cf. ↑profit and loss account) …   Financial and business terms

  • profit and loss — the gain and loss arising from commercial or other transactions, applied esp. to an account or statement of account in bookkeeping showing gains and losses in business. [1580 90] * * * …   Universalium

  • profit and loss — noun Date: 1588 a summary account used at the end of an accounting period to collect the balances of the nominal accounts so that the net profit or loss may be shown …   New Collegiate Dictionary

  • income and expenditure account — ➔ account1 * * * income and expenditure account UK US noun [C] ► ACCOUNTING a record of money received and spent by a business or organization during a particular period: »We find, after closing up our income and expenditure account, that we have …   Financial and business terms

  • P and L account — UK US noun [C] (also P and L, P & L) ACCOUNTING, FINANCE ► ABBREVIATION for PROFIT AND LOSS ACCOUNT(Cf. ↑profit and loss account): »Payments made under leasing arrangements should be included in a company s P and L account for the year …   Financial and business terms

  • income and expenditure account — a summary account of the revenue and running costs of a non profit making concern such as a club or society. It serves the same function as a profit and loss account in business. Collins dictionary of law. W. J. Stewart. 2001 …   Law dictionary

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