Profit and Loss Report: Difference between revisions
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The [[Profit and Loss Report]] is an income statement for the business for a reporting period of month, quarter or year. | The [[Profit and Loss Report]] is an income statement for the business for a reporting period of month, quarter or year. By contrast, the [[Balance Sheet Report]] is for a specific point in time. | ||
The report is the total of all [[Profit and Loss Accounts]] from the start of | The report is the total of all [[Profit and Loss Accounts]] from the start to end of the reporting period and shows: | ||
* [[Financial Assets]] | * [[Financial Assets]] | ||
* [[Financial Liabilities]] | * [[Financial Liabilities]] | ||
Revision as of 17:19, 20 April 2017
The Profit and Loss Report is an income statement for the business for a reporting period of month, quarter or year. By contrast, the Balance Sheet Report is for a specific point in time.
The report is the total of all Profit and Loss Accounts from the start to end of the reporting period and shows:
The total of these major sections should be zero.