Profit And Loss Account

Business / Accounting / Profit And Loss Account: An account made up of revenue and expense accounts which shows the current profit or loss of a business (ie. whether a business has earned more than it has spent in the current year). Often referred to as a P&L.

Other Words for Account

Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
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Other Words for Loss

Loss Noun Synonyms: diminution, erosion, reduction, impoverishment, depletion, shrinkage
Loss Verb Synonyms: deprivation, bereavement, privation, denial, sacrifice, forfeiture, disappearance
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Other Words for Profit

Profit Verb Synonyms: advance, further, be of profit to, benefit, promote, aid, help, be advantageous or of advantage, serve, avail, improve
Profit Noun Synonyms: advantage, avail, good, benefit, welfare, gain, value, interest,efulness, literary behoof
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Profit

Business / Accounting / Profit: The positive difference between total revenue from a business or investment, minus total expense. See Gross profit , Net profit , and Profit and Loss Account . MORE

Accrual Method Of Accounting

Business / Accounting / Accrual Method Of Accounting: Most businesses use the accrual method of accounting (because it is usually required by law). When you issue an invoice on credit (ie. regardless of whether it is paid or not), it is treated as a taxa MORE

Net Loss

Business / Accounting / Net Loss: The value of expenses less sales assuming that the expenses are greater (ie. if the profit and loss account shows a debit balance). MORE

Net Profit

Business / Accounting / Net Profit: The value of sales less expenses assuming that the sales are greater (ie. if the profit and loss account shows a credit balance). MORE

P and L

Business / Accounting / P and L: See Profit and Loss Account MORE

Nominal Accounts

Business / Accounting / Nominal Accounts: Accounts that are closed to a zero balance at the end of each accounting period: temporary accounts generally appearing on the income statement. MORE

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