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What are the advantages and disadvantages of the profit and loss method?
Not sure what you're asking - a "Profit and Loss" is a slang name / jargon for an Income Statement.
Why do companies produce profit and loss account?
Profit and Loss A/c:Profit and loss account as name describes prepares to determine the net profit earned by company in one accounting year and which is not available information in any other financial statement of company.
What is the new name for income statement?
The income statement is now often referred to as the "statement of profit or loss." This change reflects a more standardized terminology in financial reporting, aligning with international accounting standards. The new name emphasizes the document's purpose of summarizing a company's revenues, expenses, and net income or loss over a specific period.
how does income and expenses account difference from Profit and Loss Account?
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 another name for the statement of cash flows?
Another name of cash flow statement is fund flow statement.
Do P and l refers to the income statement?
P and L refers to Profit and loss Account and yes its another name for Income statement
What are the advantages and disadvantages of the profit and loss method?
Not sure what you're asking - a "Profit and Loss" is a slang name / jargon for an Income Statement.
What is another name for income?
Other name of income statement is “Profit and loss account” as this statement shows all the incomes and expenses of one fiscal year and at the end either there is profit or loss so that’s why it is called “profit and loss statement” as well.
What is another name for cash flow statement?
Other name of income statement is “Profit and loss account” as this statement shows all the incomes and expenses of one fiscal year and at the end either there is profit or loss so that’s why it is called “profit and loss statement” as well.
Why do companies produce profit and loss account?
Profit and Loss A/c:Profit and loss account as name describes prepares to determine the net profit earned by company in one accounting year and which is not available information in any other financial statement of company.
What is another name for Net earnings loss as a percentage of sales?
profit margin
What is the new name for profit and loss account?
It's now called "Statement of Income and Expenditure" according to the newly introduced IFRS.
What is the new name for income statement?
The income statement is now often referred to as the "statement of profit or loss." This change reflects a more standardized terminology in financial reporting, aligning with international accounting standards. The new name emphasizes the document's purpose of summarizing a company's revenues, expenses, and net income or loss over a specific period.
how does income and expenses account difference from Profit and Loss Account?
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 another name for the statement of cash flows?
Another name of cash flow statement is fund flow statement.
What is another name for cash flow of statement?
Another name of cash flow statement is fund flow statement.
Also known as the if then statement?
Another name for that is the conditional statement.
