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 ?
"Had the expense been treated correctly, with the pounds 5,000 charged to the profit and loss account in year one, the company would have obtained the full tax relief immediately, reducing its corporation tax liability and benefiting cash flow," said Mr Williams.