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It helps a company control their inflows and outflows. This will help them make a decision about if they are making a profit or loss over a period usually 12 months
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Is profit and loss account is a nominal account?
Yes. Profit and loss account is a nominal account and also trading a/c to be prepared at the end of the year.
Profit and loss account of cocacola company?
i want to analyze the trading and profit and loss account for coca cola company could you help
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
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.
Is profit and loss account is a nominal account?
Yes. Profit and loss account is a nominal account and also trading a/c to be prepared at the end of the year.
Profit and loss account of cocacola company?
i want to analyze the trading and profit and loss account for coca cola company could you help
Preparing departmental trading and profit and loss account?
When preparing departmental trading and a profit and loss account, expenses must be taken into account first. These include departmental expenses, and common expenses, including administrative expenses.
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
Where do creditors go on a profit and loss account?
Creditors do not typically appear on a profit and loss account. A profit and loss account only includes revenue, expenses, and net profit or loss. Creditors are typically listed on a company's balance sheet under current liabilities, which reflects the amount owed to them at a specific point in time.
Purpose of profit and lost account?
The purpose of the profit and loss account is to give you an idea about whether a company has made a profit or loss more than a financial year. An income and loss account begins with the trading account and then takes into account all the other outcome associated with the company.
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
What commission is payable on transactions?
in the trading and profit and loss account where do i put commission payable
How is carriage inward treated in a trading and profit and loss account?
it is added to the cost of sales
What is trading account and profit and loss account?
That is known as the income statement or can by IAS1 it's known as the statement of comprehensive income.
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.
What are the limitations of profit and loss account?
"What are the limitations of profit and loss account?"
