Profit and loss account

17.07.2013 21:35

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Profit and loss account

1) Accounting term which refers to the document (usually prepared annually) showing a firm's income and expenditure and thus its profit (ie gross) or loss.

Also called the trading account. Neither to be confused with balance sheet which shows assets and liabilities.

Source: David Lowe. The Dictionary of Transport and Logistics. Kogan Page, 2002. – P.190 (288 p.)


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