Budget is pre-facto and P&L is post-facto. Budget can be defined as projected Income/P&L statement.
Cash budget estimates the cash inflows and outflows and net cash available for specific period while budgeted profit and loss is the estimated statatement for planning purpose before actual activity starts.
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.
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
account receivable- money coming in for profit account payble-money going out for a expense
Income and expense for not for profit organisations is same as profit and loss account but they cannot use the name profit and loss account because not for profit organisations are not formed to earn profit.
No difference. It is just a matter of symantics (different ways to say the same thing).
Cash budget estimates the cash inflows and outflows and net cash available for specific period while budgeted profit and loss is the estimated statatement for planning purpose before actual activity starts.
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.
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
account receivable- money coming in for profit account payble-money going out for a expense
There is no difference.
No difference.
Income and expense for not for profit organisations is same as profit and loss account but they cannot use the name profit and loss account because not for profit organisations are not formed to earn profit.
What is difference between trust run and for-profit hospitals
No difference. They mean the same thing.
No difference. They mean the same thing.
There is not difference; they mean the same thing.