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1 profit and loss account
A revenue or expense account whose balance will be transferred to a retained earnings account at the end of a fiscal year. Balances in profit and loss accounts determine the net income or net loss for the year.
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Expense Account — An expense account is the right to reimbursement of money spent by employees for work related purposes. Expense accounts are regulated by the Internal Revenue Service of the United States Government and by internal auditors for many employers … Wikipedia
Expense — Expenses redirects here. For the row about members expenses in the UK Parliament which started about May 2009, see United Kingdom Parliamentary expenses scandal. Accountancy Key concepts Accountant · Accounting period ·… … Wikipedia
Revenue — For other uses, see Revenue (disambiguation). Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · … Wikipedia
account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you … Financial and business terms
Account — In accountancy, an account is a label used for recording and reporting a quantity of almost anything. Most often it is a record of an amount of money owned or owed by or to a particular person or entity, or allocated to a particular purpose. It… … Wikipedia
account — 01. My chequing [account] doesn t pay me any interest at all. 02. Jake s [account] of the story was different from Sascha s because she couldn t remember everything that happened. 03. You will have to speak to our [accountant] if you think there… … Grammatical examples in English
account — Synonyms and related words: a reckoning of, account current, account for, account of, account rendered, account stated, accounting, accounts, acquaintance, acta, adjudge, adjudicate, advantage, aggregate, allow, allow for, allowance, amount,… … Moby Thesaurus
expense — 1) A sum spent for goods or services, which therefore no longer represents an asset of the purchasing organization. Expenses are normally shown as charge against profit in the profit and loss account 2) A sum of money spent by an employee during… … Big dictionary of business and management
Clearing account — A Clearing account is usually a temporary account containing costs or amounts that are to be transferred to another account. An example is the income summary account containing revenue and expense amounts to be transferred to retained earnings at … Wikipedia
Debits and credits — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
Business and Industry Review — ▪ 1999 Introduction Overview Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… … Universalium