Answer / arthi

There are two reasons: One is that you will not be aware initially how your operations would end, at the close of the year. It may either be profit or loss.
Another one would be it may be a profit in one year and loss in another year.
Further, the profit or loss is know only at the year end. But, in the course of the accounting year, when the account is drawn up say monthly, quarterly or half yearly, the results may either be profit or loss and the resultant profit or loss is only at the end of the year.

Answer / aditya bhushan

Because in profit and loss account we show both profit and loss on one statement for calculating net profit and net loss ,as we all know that net profit is different between debit and credit side of profit and loss account.
so that we use to say it profit and loss account not profit and loss account

Answer / dayakar

As it shows profits/gains at credit side as well as expenses
or losses at debit side

SIR, Tell me the which software useful for the accounting procees . what is difference is between the finacial accounting and mangemeting what are responsebilitys for a company .

1 Answers  

---

What is wealth maximisation

0 Answers   Capital IQ,

---

Define mortgage

2 Answers  

---

What is the full form of EDLI?(related to EPF...)

4 Answers   AL Paper House, GIL,

---

Discuss the role of cost accounting in managerial decision making

4 Answers  

---

---

please tell defination of goodwil and copyright?

2 Answers  

---

What do u mean by pass through expenses? give examples, how it will be accounted & billed?

0 Answers  

---

What is double entry book keeping?

2 Answers   GMC,

---

Expand---------STRP

2 Answers  

---

What is cst & gst? with example

3 Answers   Genpact,

---

What is the difference between P/L A/c and Balance sheet? When an adjustment account is prepared?

6 Answers  

---

principles of accounts

4 Answers  

---