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WordNet-Online
Definitions from WordNet
Noun profit and loss account has 1 sense
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Definitions from the WebTerm: Profit and Loss AccountA profit and loss account, also known as an income statement or statement of earnings, is a financial statement that shows a company's revenues, expenses, gains, and losses during a specific period of time. Sense 1: Financial StatementIn accounting, a profit and loss account is a financial statement that summarizes a company's financial performance by displaying its revenues and expenses. Example sentence: The profit and loss account for the year showed a significant increase in sales revenue and a decrease in operating expenses. Related products: Financial Statements Sense 2: Investment ContextIn the context of investments, a profit and loss account refers to a record that tracks the gains and losses of an individual or entity's investment portfolio. Example sentence: The investor carefully reviewed his profit and loss account to assess the performance of his portfolio and make informed investment decisions. Related products: Investment Portfolio Management Sense 3: Business ManagementIn business management, a profit and loss account is used to determine the profitability of a specific project, product, or division within a company. Example sentence: The marketing department presented the profit and loss account for their new product launch to demonstrate its potential profitability to the management team. Related products: Business Management Sense 4: Local ContextIn certain local contexts, such as regions with unique financial regulations or specific industries, a profit and loss account may have specialized local variations. Example sentence: The local manufacturing association provided guidelines for preparing profit and loss accounts specific to the textile industry in our region. Related products: Local Accounting Practices | ||||
profit-making profit-margin profit-margins profit-maximising profit-maximizing profit-taking profit profit and loss profit and loss account profit margin profit sharing profit taker profitability profitable profitableness profitably profited
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