- This topic has 2 replies, 3 voices, and was last updated 7 years ago by
.
Viewing 3 posts - 1 through 3 (of 3 total)
- Posts
Profit or Loss in itself is not account, just like balance sheet in itself is not an account. However, Profit or Loss consists of Income and Expense accounts, which are nominal accounts
mohsinmkg7: Please do not answer questions in this forum, because it is the Ask the Tutor Forum (but do please help people in the other F3 forum).
Alikhakar: mohsinmkg7 is correct. (And we stopped calling it the profit and loss account many years ago – we call it the Statement of Profit or Loss).
I suggest that you watch my free lectures. They are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
Viewing 3 posts - 1 through 3 (of 3 total)
- The topic ‘P&L account’ is closed to new replies.