- profit and loss account
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an account that shows the revenue and expenditure of a business during a given period, resulting in a net profit or loss, and provides a link between successive balance sheets.
Collins dictionary of law. W. J. Stewart. 2001.
- profit and loss account
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An accounting document which sets out the details of a company's profits and losses to give an overall profit or loss figure. Directors (director) have a duty to prepare a profit and loss account giving a true and fair view of the profit or loss of the company for the financial year (section 226, Companies Act 1985). Schedule 4 to the Act provides a skeleton format for a profit and loss account.The profit and loss account, along with the balance sheet, is an important tool for analysing the financial health of a company.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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profit-and-loss account — UK US noun [C] UK (US profit and loss statement) ► ACCOUNTING, FINANCE a document that shows a company s profit or loss in a particular period: »This loss would be shown as a charge in the profit and loss account. → See also EARNINGS REPORT(Cf.… … Financial and business terms
profit and loss account — ► NOUN ▪ an account to which incomes and gains are credited and expenses and losses debited, so as to show the net profit or loss … English terms dictionary
profit and loss account — P & L account 1) An account in the books of an organization showing the profits (or losses) made on its business activities with the deduction of the appropriate expenses. 2) A statement of the profit (or loss) of an organization over a financial … Accounting dictionary
profit and loss account — P & L account 1) An account in the books of an organization showing the profits (or losses) made on its business activities with the deduction of the appropriate expenses. 2) A statement of the profit (or loss) of an organization over a financial … Big dictionary of business and management
profit and loss account — noun an account compiled at the end of an accounting period to show gross and net profit or loss • Syn: ↑profit and loss • Hypernyms: ↑account, ↑accounting, ↑account statement * * * ˌprofit and ˈloss account [profit and loss account] … Useful english dictionary
profit and loss account — 1. A statement showing a company s income and expenditure over a period of time, usually one year. Part of the financial statements of the company. Dresdner Kleinwort Wasserstein financial glossary 2. A reserve in a company s balance sheet,… … Financial and business terms
profit and loss account — UK / US noun [countable] Word forms profit and loss account : singular profit and loss account plural profit and loss accounts business a document that shows how much money was received and spent by a company during a particular period of time,… … English dictionary
profit and loss account — noun Profit and loss account is used before these nouns: ↑account … Collocations dictionary
profit and loss account — profit and loss ac,count noun count a document that shows how much money was received and spent by a company during a particular period of time, and whether or not it made a profit … Usage of the words and phrases in modern English
profit and loss account — profit and loss ac.count n BrE a financial statement showing a company s income, spending, and profit over a particular period … Dictionary of contemporary English