A profit is an amount of money that is more than it's original price
On the other hand, a Loss is an amount of money that is less than it's original price
The economic function of profits and losses is to determine the performance of a company. This is what will contribute to the overall measure of the economy in a region.
Profits and losses are shared evenly Except otherwise stated in the contract.
A firm jointly owned and run by two or more people who share profits and losses is a partnership.
profit & loss appropriation accounts are prepared after profits. Basic purpose is to show how the profits are distributed.NOT only profits but also concerned losses.
Entrepreneur is a person who actually does the business. He/She is responsible for the profits or losses.
Most likely, they would be shareholders.
collect profits. bang management if experience losses
if marginal production costs exceed marginal revenues, the firm will suffer losses, not profits.
joint-stock company
Sell it and divide the profits and losses.
joint stock company
sole propietorship