Interested to Buy Any Domain ? << Click Here >> for more details...
why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )
- 13 Answers
- 36993 Views
- Genpact, Symbiosis, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / arthi
There are two reasons: One is that you will not be aware initially how your operations would end, at the close of the year. It may either be profit or loss.
Another one would be it may be a profit in one year and loss in another year.
Further, the profit or loss is know only at the year end. But, in the course of the accounting year, when the account is drawn up say monthly, quarterly or half yearly, the results may either be profit or loss and the resultant profit or loss is only at the end of the year.
| Is This Answer Correct ? | 2 Yes | 10 No |
Answer / aditya bhushan
Because in profit and loss account we show both profit and loss on one statement for calculating net profit and net loss ,as we all know that net profit is different between debit and credit side of profit and loss account.
so that we use to say it profit and loss account not profit and loss account
| Is This Answer Correct ? | 2 Yes | 15 No |
Answer / dayakar
As it shows profits/gains at credit side as well as expenses
or losses at debit side
| Is This Answer Correct ? | 11 Yes | 28 No |
how to pass journal entry for vat paid in tally?
SHORTCUT KEYS WITH DESCRIPTION IN TALLY7.2 PLZ ANSWER IT.
objective of accounting
define current assets? asked on 30/7/09
what is importance of accounting?
Expand ________DBMS
what is debentures, types of debentures
16 Answers Capital IQ, Genpact,
How many types we are received funds in business purpose
WHAT IS THE LIMIT OF CC A/C
Mr. X buys an asset of Rs. 1000/- in cash and with it get an free gold coin what is the general entry for this?
what is assesment? who do the assesment by income tax or sale tax,and when doing the assesment?what is the perod limit of assesment? assesment order sent by income tax or sale tax which form?
how to do the finalise of account? what is the step? why we need to do like that?
Audit 
