The Profit and Loss account does exactly what it suggests it shows the profit or loss that a business has made over a period of time, usually six months or one year, this is called the accounting period. Once prepared the profit and lose account can be used by a number of interested parties in a number of ways, it can be compared to a previous profit and loss account to see how the business …showed first 75 words of 1095 total…

…showed last 75 words of 1095 total…