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Profit and loss account
PROFIT AND LOSS ACCOUNT

Definition: (business) A list that shows the amount of money that a company has earned and the total profit or loss that it has made in a particular period of time.
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* All nine elements should be in.


1. Purposeful (to emphasize).

2. Necessity. That is, list (= statement) is required by a rule or demanded by the law.
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3. Sources of information or data (= primary sources, cash books, financial statements, etc.) are correct and complete.

4. Extraction, compilation, transposition, calculation, etc. of figures, etc. are properly made by the accountants, auditors, etc.
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5. List should lead to a balance sheet being drawn up, but it (profit and loss account) must not have entries that contradict those in it (balance sheet).

6. Contents and statements in the list must be correct in every material particular (connect to #4 & #5).
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7. List must be accompanied by a clear and unambiguous auditor's report, which must be addressed properly, must express an opinion and state the basis of the work and the assumptions made, if any.

8. Account must be dated and signed and be affixed, where required, with appropriately embossed, with a seal or logo, etc.

9. List serves purpose(s). That is, account must be submitted to the appropriate organ or authority which must deal with it as necessary/appropriate.
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See perfect accountant (1).
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See perfect write-up (1).

See perfect professional (1).
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See perfect corporate greed.

See perfect profiteering.
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See perfect balance sheet.

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