Profit and Loss Report: Difference between revisions
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The total of these major sections should be zero. | The total of these major sections should be zero. | ||
This report is primarily used to determine the profitability of the business. |
Revision as of 17:21, 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.
This report is primarily used to determine the profitability of the business.