Profit And Loss Account (Noun)
Meaning
An account compiled at the end of an accounting period to show gross and net profit or loss.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company's profit and loss account showed a substantial increase in revenue for the fiscal year.
- At the end of each quarter, the accountant reviews the profit and loss account to assess financial performance.
- To make informed decisions, stakeholders rely on the accuracy of the profit and loss account presented in the annual report.
- The manager reviewed the profit and loss account carefully to identify areas of financial weakness within the company.
- Analysis of the profit and loss account revealed a reduction in operating expenses that contributed to the company's increased profitability.