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profit and loss account

 

Definitions from WordNet

Noun profit and loss account has 1 sense
  1. profit and loss, profit and loss account - an account compiled at the end of an accounting period to show gross and net profit or loss
    --1 is a kind of account, accounting, account statement

Definitions from the Web

Term: Profit and Loss Account

A profit and loss account, also known as an income statement or statement of earnings, is a financial statement that shows a company's revenues, expenses, gains, and losses during a specific period of time.

Sense 1: Financial Statement

In accounting, a profit and loss account is a financial statement that summarizes a company's financial performance by displaying its revenues and expenses.

Example sentence: The profit and loss account for the year showed a significant increase in sales revenue and a decrease in operating expenses.

Related products: Financial Statements

Sense 2: Investment Context

In the context of investments, a profit and loss account refers to a record that tracks the gains and losses of an individual or entity's investment portfolio.

Example sentence: The investor carefully reviewed his profit and loss account to assess the performance of his portfolio and make informed investment decisions.

Related products: Investment Portfolio Management

Sense 3: Business Management

In business management, a profit and loss account is used to determine the profitability of a specific project, product, or division within a company.

Example sentence: The marketing department presented the profit and loss account for their new product launch to demonstrate its potential profitability to the management team.

Related products: Business Management

Sense 4: Local Context

In certain local contexts, such as regions with unique financial regulations or specific industries, a profit and loss account may have specialized local variations.

Example sentence: The local manufacturing association provided guidelines for preparing profit and loss accounts specific to the textile industry in our region.

Related products: Local Accounting Practices

profit-making profit-margin profit-margins profit-maximising profit-maximizing profit-taking profit profit and loss profit and loss account profit margin profit sharing profit taker profitability profitable profitableness profitably profited

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