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In short it is managing the income and expense structure to provide a Net Operating Profit for a business. Knowing what impacts the numbers is essential and requires critical thinking skills. The P&L can be viewed as a report card on how a business is doing financially.
The long version would take volumes.
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoP & L responsibility is being held accountable for profit, which is good, and loss, which is bad. It means having to explain how profit is made, and how loss occurs. It goes on to mean the requirement to continue and increase profit, or in the case of loss, to reduce and eliminate, or minimize.
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What is P and L Management?
I believe it is profit and loss managment....
What unit of measurement is used in management accounting?
profit and loss summary
What is a principle of basic financial management?
The basic principle is this. Income exceeds expenditure = PROFIT Expenditure exceeds income = LOSS No profit or loss = BREAK-EVEN
What is definition of bank management?
the bank management is actually the manging of debit-equity ratio which provides profit and loss assessment to banks
What happens in a financ?
Bookkeeping such as invoicing and receipts Profit and Loss management including cash flow management Update Managers via financial reporting
What happens in a finance department?
Bookkeeping such as invoicing and receipts Profit and Loss management including cash flow management Update Managers via financial reporting
How do I calculate simple profit and loss?
Profit or loss = income - expenses. A positive number is profit, a negative number is loss.
Why profit and loss account is called as profit and loss account and why not profit or loss account?
Tradition, and the need to call it something.
Do provisions for loan loss go in the balance sheet or profit and loss?
Profit and Loss.
How do I Find the incremental profit or loss?
The incremental profit or loss is the change in profit or loss over the designated time period. After calculating the profit or loss, for example on a monthly basis, the delta between that and the average monthly profit or loss from the prior year can be determined.
What is the difference between profit and loss account and profit and loss appropiation account?
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
What are the Advantages of a profit and loss statement?
what are the advantages of profit and loss statement?
