Profit and Loss account - Revision history

imported>Doug Williamson: Add link.

2022-07-06T14:28:59Z

Add link.

← Older revision		Revision as of 14:28, 6 July 2022
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	== See also ==		== See also ==
			* [[Account]]
	* [[Accruals concept]]		* [[Accruals concept]]
	* [[Attributable profit]]		* [[Attributable profit]]

imported>Doug Williamson: Add link.

2021-11-20T16:26:33Z

Add link.

← Older revision		Revision as of 16:26, 20 November 2021
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	* [[Profit]]		* [[Profit]]
	* [[Profit and Loss reserve]]		* [[Profit and Loss reserve]]
			* [[Reserves]]
	* [[Statement of changes in equity]]		* [[Statement of changes in equity]]
	* [[Statement of comprehensive income]]		* [[Statement of comprehensive income]]

imported>Doug Williamson: Add alternative name.

2021-08-14T00:12:14Z

Add alternative name.

← Older revision		Revision as of 00:12, 14 August 2021
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	1. ''Primary financial statements.''		1. ''Primary financial statements.''

	A profit and loss account is a primary financial statement, also known as an ''income statement'', or ''statement of profit or loss''.		A profit and loss account is a primary financial statement, also known as an ''income statement'', ''statement of profit or loss'' or ''statement of operations''.

	It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.		It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.

imported>Doug Williamson: Layout.

2021-08-10T21:54:20Z

Layout.

← Older revision		Revision as of 21:54, 10 August 2021
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	It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.		It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.


	Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).		Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).

imported>Doug Williamson: Mend link.

2021-08-10T21:51:40Z

Mend link.

← Older revision		Revision as of 21:51, 10 August 2021
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	Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).		Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).

	A net profit is a Credit in the Profit and loss account.		:A net profit is a Credit in the Profit and loss account.

	A net loss is a Debit in the Profit and loss account.		:A net loss is a Debit in the Profit and loss account.


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	* [[International Accounting Standards]]		* [[International Accounting Standards]]
	* [[Loss]]		* [[Loss]]
	* [[Primary ~~statement~~]]		* [[Primary statements]]
	* [[Profit]]		* [[Profit]]
	* [[Profit and Loss reserve]]		* [[Profit and Loss reserve]]

imported>Doug Williamson: Add links.

2021-08-10T21:51:03Z

Add links.

← Older revision		Revision as of 21:51, 10 August 2021
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	* [[International Accounting Standards]]		* [[International Accounting Standards]]
	* [[Loss]]		* [[Loss]]
			* [[Primary statement]]
	* [[Profit]]		* [[Profit]]
	* [[Profit and Loss reserve]]		* [[Profit and Loss reserve]]
			* [[Statement of changes in equity]]
			* [[Statement of comprehensive income]]
	* [[Statement of profit or loss and other comprehensive income]]		* [[Statement of profit or loss and other comprehensive income]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Add alternative name.

2021-08-10T21:49:36Z

Add alternative name.

← Older revision		Revision as of 21:49, 10 August 2021
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	1. ''Primary financial statements.''		1. ''Primary financial statements.''

	A profit and loss account is a primary financial statement, also known as an ''income statement''.		A profit and loss account is a primary financial statement, also known as an ''income statement'', or ''statement of profit or loss''.

	It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.		It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.

imported>Doug Williamson: Update link.

2021-08-10T13:07:41Z

Update link.

← Older revision		Revision as of 13:07, 10 August 2021
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	* [[Attributable profit]]		* [[Attributable profit]]
	* [[Balance sheet]]		* [[Balance sheet]]
	* [[~~Cashflow~~ statement]]		* [[Cash flow statement]]
	* [[Credit balance]]		* [[Credit balance]]
	* [[Debit balance]]		* [[Debit balance]]

imported>Doug Williamson: Expand definition.

2021-08-04T14:24:13Z

Expand definition.

← Older revision		Revision as of 14:24, 4 August 2021
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	1.		1. ''Primary financial statements.''

	~~Historically,~~ a primary financial statement ~~– showing~~ the revenues earned in a period matched with the expenditures incurred in the same period to arrive at a figure of net profit or loss.		A profit and loss account is a primary financial statement, also known as an ''income statement''.

			It shows the revenues earned in a period, matched with the expenditures incurred in the same period, to arrive at a figure of net profit or loss ''for that period''.

	Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).		Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).
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	Under International Accounting Standards the profit and loss account is superseded by the Statement of profit or loss and other comprehensive income.		Under International Accounting Standards, the profit and loss account is superseded by the ''Statement of profit or loss and other comprehensive income''.


			2. ''Balance sheet account - reserves.''

			The profit and loss account is also another name for the ''Profit and Loss reserve'' in the balance sheet.

	2.		Like all other accounts in the balance sheet, this shows the cumulative position, incorporating ''all'' periods from the establishment of the entity up to the balance sheet date.

	~~Historically, another name for the Profit and Loss reserve in the balance sheet.~~

	Net profits or losses <u>for the period</u> in the ~~Profit and loss account~~ feed through in turn to the Shareholders' funds (<u>cumulative</u> retained profits or losses) in the 'bottom half' - reserves section - of the Balance sheet (as <u>at the end of the period</u>).		Net profits or losses <u>for the single period</u> in the primary statement feed through in turn to the Shareholders' funds (<u>cumulative</u> retained profits or losses) in the 'bottom half' - reserves section - of the Balance sheet (as <u>at the end of the period</u>).

imported>Doug Williamson: Add link.

2021-02-24T16:36:13Z

Add link.

← Older revision		Revision as of 16:36, 24 February 2021
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	* [[Credit balance]]		* [[Credit balance]]
	* [[Debit balance]]		* [[Debit balance]]
			* [[Environmental profit and loss]]
	* [[Financial reporting]]		* [[Financial reporting]]
	* [[Financial statements]]		* [[Financial statements]]