profit and loss account
Noun: 1. A financial statement summarizing the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year, to show the resulting net profit or loss. This account is a core component of a company's financial reporting, detailing how the net income or net loss was calculated from the company's operational activities.
The term "profit and loss account" is used primarily in financial, accounting, and business contexts to refer to the formal statement of a company's financial performance. * The auditor reviewed the company's profit and loss account for the fiscal year. * According to the latest profit and loss account, our expenses have exceeded our revenue, resulting in a net loss. * Investors carefully examine the profit and loss account to assess a company's profitability.
- "To close the profit and loss account": An accounting procedure at the end of a period where the balance (net profit or loss) is transferred to retained earnings or capital accounts.
- The accountant's next task is to close the profit and loss account for the quarter.
- Profit and Loss Statement (P&L) (n): A common synonym, often used interchangeably with "profit and loss account."
- Income Statement (n): The more formal and widely used term in international accounting standards (like IFRS and US GAAP) for the same financial report.
- Statement of Operations (n): Another synonym used in some corporate financial reports.
- Income Statement
- Earnings Statement
- Statement of Financial Performance
- Operating Statement
- To prepare a profit and loss account: To compile and create this financial statement.
- The finance team will prepare the profit and loss account by the end of the month.
- To be reflected in the profit and loss account: To be included or shown as an item in this statement.
- The one-time sale of the asset will be reflected in the profit and loss account as a gain.
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an account compiled at the end of an accounting period to show gross and net profit or loss
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