profit and loss account

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profit and loss account

an account that shows the revenue and expenditure of a business during a given period, resulting in a net profit or loss, and provides a link between successive balance sheets.
References in periodicals archive ?
The $4,055 gain on the forward contract is the change in the fair value of the contract during the period and is recognized in earnings in the same line of the income statement as the foreign currency exchange loss on the payable.
Setting up an income statement this way helps owners see errors more easily.
The income statement in the chart "European Operations P&L Translated Into Dollars" is not appropriate for performance measurement because it is not sufficient for reaching meaningful operating conclusions and, as a result, could lead to poor decisions with unfavorable consequences.
Here is a review of each section of the income statement and some tips for organizing them effectively.
The next step in creating a Contribution Margin Income Statement is subtracting the variable costs.
Describe the need for a cash flow statement to help understand changes occurring with the firm that are not sufficiently provided by the balance sheet and income statement.
Both the decision to report a statement, either the income statement or the balance sheet, and the extent of disclosures within the statements will be examined.
Product profitability becomes the creation of an income statement on a product level, where a unique income statement is produced for every product, usually defined as discreet product codes in your systems.
In fact, a portfolio manager from Putnam Investments recently told me that he couldn't remember the last time he reviewed an income statement. His valuation models no longer include any reference to net income or EPS.
The software should allow the user to print an income statement and balance sheet, she says.