why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )
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Answer Posted / cr group
From Busineess Active ,you got profit from one activity ,loss from another activity so over all u got profit or loss
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outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
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