Definition of Profit and loss account
1. Noun. An account compiled at the end of an accounting period to show gross and net profit or loss.
Lexicographical Neighbors of Profit And Loss Account
Literary usage of Profit and loss account
Below you will find example usage of this term as found in modern and/or classical literature:
1. The Encyclopedia Americana: A Library of Universal Knowledge (1918)
"The profit and loss statement must not be confused with the profit and loss account, which is a summary account in the general ledger, although in its more ..."
2. 20th Century Bookkeeping and Accounting: A Treatise on Modern Bookkeeping by James Williams Baker (1918)
"To Close the Profit and Loss Account. Enter the balance on the smaller side of the ... Write the name of the Capital account in the Profit and Loss account, ..."
3. Auditing Theory and Practice by Robert Hiester Montgomery (1912)
"In the consolidated profit and loss account transfer of profits from ... In stating the consolidated income and profit and loss account there will probably ..."
4. Modern Accounting, Its Principles and Some of Its Problems by Henry Rand Hatfield (1909)
"The contribution which double entry bookkeeping has made to accounting science is largely that it has introduced a separate Profit and Loss account which, ..."
5. The Applied Theory of Accounts by Paul Joseph Esquerré (1914)
"The Profit and Loss account is still directly debited and credited, during the fiscal period, with all such losses and gains as are not the result of ..."
6. The Applied Theory of Accounts by Paul Joseph Esquerré (1914)
"The Profit and Loss account is still directly debited and credited, during the fiscal period, with all such losses and gains as are not the result ..."
7. Accounting Theory and Practice by Roy Bernard Kester (1917)
"The Profit and Loss Account The first eight journal entries shown are the adjusting ... In this way the Profit and Loss account in the ledger will show the ..."