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why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )
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Answer Posted / 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.
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