why we use the term profit and loss account instead of
profit or loss account
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Answer Posted / sushil mohan
Actually Profit & Loss A/c is the part of Final A/c and
in Profit & Loss A/c we record incomes and gains from all
the sources as well as expenses and losses occured both,
thats why it is termed as Profit & Loss A/c not Profit or
Loss A/c.
we find either Profit or Loss from the Profit & Loss
A/c, yet we term it 'Profit & Loss A/c' because without
comparison of incomes and expenses we can not find the
actual or net profit or loss result.
If we term it as Profit or Loss A/c, we will be
restricted to record only profit or loss that will not lead
to the end result.
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