why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )
- 13 Answers
- 32610 Views
- Genpact, Symbiosis, I also Faced
- E-Mail Answers
Answer Posted / sankari varadarajan
The profit and loss account shows the particulars through which the profit or income has been earned by an organization like any income received for the work that has been done. And at the same time, it also shows the particulars (like depreciation, bad debts) through which the firm's profit may get reduced or may incur loss. As it shows both the profit generating item and loss generating item at the same time and in the same account, it is known as profit AND loss account.
| Is This Answer Correct ? | 12 Yes | 6 No |
Post New Answer View All Answers
What is re-financing in Letter of Credit settlement
what is mean by traditional accounting ?
I have an S Corporation called Trend Foods Inc. I would like to make a division of that company that services computers and call that Trend Computer Service. I do not want to set up another Corporation for Trend Computer Service. Can I just make a division of Trend Foods and what paperwork do I need to fill out to make that happen? Thanks for the help, Jim
why you want to join the banking and finance industry?
it is better to invest in which securities short term/long term or both? please reason4 the same
Weather Entry tax on consumable goods purchased against CST
tell me about a time you had to deal with a conflict between a licensed and unlicensed personnel and how handled the situation?
Short Answer on ___________fluctuating capital
What part can management policy play in the analysis of cost behaviour?
A company produces and sells 12500 units of Commodity X at Rs 50 each. The variable cost of the production is 20 % of selling price. Fixed cost being Rs 100000 per annum. Calculate the PV ratio and BEP if. The selling price is reduced by 5 %. Fixed cost is increased by 2 lacs
Expand---------PCDB
What is the difference between income statement & Profit&loss A/c?
Hi all i did my M.B.A financ enw iam doing a job as a finance executive but i feel it is not good 4 me can any 1 plz guide me 4 the better career my job profile is (INVOICING)hw it is help me out 4 the better career shell i continu ein the same 1 by learning sap or oracle or shall i shift to any other if any other which job is suites to me plz suggest me
how to calculate IT? if bank intrest:1036 , long term capital gain:448841 short term capital gain :894 , income from rent 225000, and income from other source 347478, Advance tax paid 25000,lic 101508, medicliam 6990 and tds recd.25000
you went outside to purchase vegetagles, suddently big rain came then what you will do
