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Topic: Profit and loss account

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Profit

Limited company

Financial reports

Revenue

Accounting scholarship

Accounts payable

Shareholder Equity

Income statement

Normal balance

UK generally accepted accounting principles

Sole trader

Expense

Income

Balance sheet

Partnership

	introduction to the profit and loss account
		Profit is the reward for taking risk; generally speaking high risk = high reward (or loss if it goes wrong) and low risk = low reward.
		The main task of accounts, therefore, is to monitor and measure profits.
		Internal accounts are rarely ‘fixed’, because there is little point in the managers fooling themselves (unless fraud is going on) but public accounts are routinely ‘fixed’ to create a good impression out to the outside world.
	www.tutor2u.net /business/accounts/profit_loss_account.htm (871 words)

	profit and loss account - Hutchinson encyclopedia article about profit and loss account
		In the UK companies are required by company law to file profit and loss accounts with the UK Registrar of Companies.
		It is equally true that on some islands, such as Malaita, the profit and loss account of social intercourse is calculated in homicides.
		When the last 'natural' had been declared, and the profit and loss account of fish and sixpences adjusted, to the satisfaction of all parties, Mr.
	encyclopedia.farlex.com /profit%20and%20loss%20account (170 words)

	Profit and loss account - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-10-17)
		A Profit and loss account of science in Ireland
		Profit or loss on bank accounts: Address delivered before the American Bankers' Association, Baltimore, MD
		Analysis and interpretation of modern balance sheets and profit and loss accounts as to 1.
	encyclopedia.worldsearch.com /profit_and_loss_account.htm (271 words)

	Profit and loss account (P & L)
		It is the most looked accounting statement and it provides the numbers needed to calculate the ratios investors look at most often: for example PE and yield are calculated using only numbers from the P & L and the share price.
		The most detailed profit and loss account is given in the annual report, but UK listed companies are required to make annual and half year results announcements as well - the full year results announcement is shorter and covers the same period as the annual report, but it is released earlier.
		In a simple case the profit or loss equals the increase or decrease in the company’s assets as shown on the balance sheet.
	moneyterms.co.uk /profit_and_loss (715 words)

	Profit and loss (Site not responding. Last check: 2007-10-17)
		Operating Profit, Indicates the profit and loss arising from core business...Essentially, this is the amount carried from the Profit and Loss Account...
		The Tradingaccount and profit and loss account are often combined as one trading and...
		A profit and loss account is a financial statement that summarizes the financialtransactions for a business over a period in time.
	www.basketballgaming.com /profit+and+loss.html (811 words)

	Encyclopedia: Profit and loss account
		In accounting, an expense is a general term for an outgoing payment made by a business or individual.
		In accounting, retained earnings are profits that were not paid to a companys shareholders as dividends.
		Profit Financial statements (or financial reports) are a record of a business financial flows and levels.
	www.nationmaster.com /encyclopedia/Profit-and-loss-account (427 words)

	Profit and Loss Account - Notes - Business Accounts - Accounting and Finance - Business Studies
		The profit and loss account differs significantly from the balance sheet in that it is a record of the firm's trading activities over a period of time whereas the balance sheet is the financial position at a moment in time.
		The final retained profit figure is the one that goes to the balance sheet as a source of funds for the company to use.
		This retained profit may be used to buy fixed assets (machinery, equipment etc.) or it may remain as current assets (cash in the bank perhaps).
	www.bized.ac.uk /learn/business/accounting/busaccounts/notes/pl.htm (314 words)

	Currency Trading USA - Account Questions
		Once your account is processed and we receive your initial deposit (US$2,500 for a regular account or $250 or more for mini accounts), you will be emailed your account number, user id and password to log into your live account.
		The minimum transaction size for a regular account is 100,000 units of the base currency, with a minimum margin requirement of 1,000 (which corresponds to a leverage of 100 to 1).
		For mini accounts, the contract (lot) sizes are in 10,000 units of the base currency, with a 50 unit per lot minimum margin deposit (200 to 1 leverage).
	www.currencytradingusa.com /currency-account.htm (1018 words)

	Profit and Loss Account - Notes - Business Accounts - Accounting and Finance - Business Studies
		The profit and loss account differs significantly from the balance sheet in that it is a record of the firm's trading activities over a period of time whereas the balance sheet is the financial position at a moment in time.
		The final retained profit figure is the one that goes to the balance sheet as a source of funds for the company to use.
		This retained profit may be used to buy fixed assets (machinery, equipment etc.) or it may remain as current assets (cash in the bank perhaps).
	www.bized.co.uk /learn/business/accounting/busaccounts/notes/pl.htm (314 words)

	Finance Act 2002
		(1) Where in a period of account a gain representing a receipt in respect of an intangible fixed asset is recognised in the company's profit and loss account, a corresponding credit shall be brought into account for tax purposes.
		Accounting Value is the accounting value of the asset by reference to which the revaluation is carried out.
		Accounting Loss is the amount of the loss that is reversed (in whole or in part), and
	www.legislation.hmso.gov.uk /acts/acts2002/20023-ce.htm (619 words)

	Income statement - Wikipedia, the free encyclopedia
		Also called Profit and Loss Account or in reference to charitable organizations Income and Expenditure Account.
		It also includes unusual gains and losses that are either unusual or infrequent, but not both (e.g.
		Changes in accounting principle is, for example, changing method of computing depreciation from straight-line to sum-of-the-years'-digits.
	en.wikipedia.org /wiki/Profit_and_loss_account (711 words)

	WPP 2004 Interim Results
		Accounting policies The unaudited consolidated interim financial statements comply with relevant accounting standards and have been prepared using the accounting policies set out on pages 112 to 114 of the Group's 2003 Annual Report and Accounts.
		The unaudited consolidated interim profit and loss account and balance sheet are presented in euros in Appendix II for illustrative purposes.
		The profit and loss account charge for the finance cost will be spread evenly over the term of the bonds so that at redemption the liability equals the redemption value.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=109&STORY=/www/story/08-20-2004/0002235465&EDATE= (6097 words)

	Profit and Loss - Certified Online Course on finance for executives and professionals by IITD and Macmillan India
		Profit and Loss (abbreviated to PandL) Account/Income Statement reports the revenues and expenses of a firm of an accounting period.
		Thus, PandL Account is concerned with matching the revenues of a specified period with the expenses of that period.
		As a result, surplus or the profit and deficiency or the loss, as per the situation, is transferred to capital account.
	www.develop.emacmillan.com /iitd/material/DirectFreeAccessHPage/FNFE/ch1_profitnloss.html (780 words)

	Profit and loss account (Site not responding. Last check: 2007-10-17)
		A profit and loss account is a financial statement that summarizes financial transactions for a business over a in time.
		In the United Kingdom the regulation for partnerships sole traders charities and chartered institutes a degree of flexibility in the presentation profit and loss accounts.
		Profit and Loss Account for the year date - month - year
	www.freeglossary.com /Profit_and_loss_account (477 words)

	Accountancy Forum - Profit or loss Account - Accounting Discussions
		Posted - Feb 17 2007 : 12:08:48 PM The Profit & Loss Account (P&L) is a report of the company's profit on the sale of their goods The Profit and Loss (P&L) account summarises a business' trading transactions - income, sales and expenditure - and the resulting profit or loss for a given period.
		A profit and loss account is produced primarily for business purposes - to show owners, shareholders or potential investors how the business is performing.
		Accounts which we prepare normally show each of the expenses as a percentage of sales.
	www.accountancy.com.pk /forum/topic.asp?topic_id=4994 (565 words)

	Profit and Loss Accounts
		However, profit and loss accounts can be prepared at any stage during the financial year, covering any length of time.
		Profit and loss accounts are generally set out in the way illustrated in the example.
		Profit can be divided in just three ways: to the shareholders or owners (as dividends or drawings); to the government as tax; or, it might be retained in the business (to use as working capital or to buy equipment or other assets).
	www.btconnect.com /public/biz/finance/bif008.html (834 words)

	CONSOLIDATED PROFIT AND LOSS ACCOUNT (Site not responding. Last check: 2007-10-17)
		The loss on disposal was mainly the write-back and write-off of £1.1m of goodwill.
		Consulting division profits were reduced notably by FMD, with little or no opportunity to mitigate primarily owing to the deferral of consultants’ fee earning visits to UK farms whilst still having to maintain support services.
		The basic earnings per share is based on a loss for the period of £1,051,000, (2000: a profit of £930,000) and the weighted average number of ordinary shares in issue of 32,847,000 (2000: 31,579,000).
	www.genusplc.com /docs/genusplcInterimReport.html (2386 words)

	What is Profit?
		We will look at the profit and loss account (formally called the trading and profit and loss account) and see how businesses calculate profit.
		Businesses want more profit as it can be used to expand the business (see internal sources of finance) or to reward owners/shareholders.
		We can use the profit and loss account to focus on the activities of the business and consider what might be causing problems and what could be done to solve them.
	www.teachnet-lab.org /london/dsalbstein/profit/profit.htm (611 words)

	Check your spending with a simple profit and loss account
		Profit and loss accounts are used by people who run their own businesses, but you can use one to check your spending.
		A profit and loss account is just a way of comparing your income (what you earn) with your expenditure (what you spend).
		Print this account sheet page and fill in the details by hand, or download the account sheet and type in the figures on screen if you want the sheet to do the calculations for you.
	www.moneymatterstome.co.uk /Interactive-workshops/Activity-ProfitAndLoss-MP.htm (285 words)

	Profit & Loss Account [Virtual Learning Arcade]
		The amount of profit made by the firm is often an indicator of performance.
		The level of profit is measured / calculated through the profit - loss account.
		The profit and loss account illustrates all the business transactions over the time period (usually one year).
	www.bized.ac.uk /virtual/vla/theories/profit_loss_account.htm (230 words)

	Reuters: Consolidated Profit and Loss Account
		Consolidated profit and loss account for the year ended 31 December
		Consolidated revenue and operating profit derive from continuing operations in all material respects.
		A detailed statement showing the movement in capital and reserves is set out in note 26.
	about.reuters.com /investors/data/profitloss.asp (130 words)

	Financial Dictionary — Meaning for Profit-and-loss account
		An account showing a company's earnings and expenses over a period, what it has done with its profits, how much is being paid out in dividends and how much is retained in the company.
		At the end of the accounting period all income and expense accounts are closed and the balance transferred to the P & L account.
		After calculating profit and determining dividends, the balance of retained earnings is transferred to owners' equity in the balance sheet.
	www.anz.com /edna/dictionary.asp?action=content&content=profit-and-loss_account (213 words)

	Profit and Loss Account (Site not responding. Last check: 2007-10-17)
		A published Profit and Loss Account may be a summary of main headings.
		A Profit and Loss Account produced for consideration by the management of a business may include a detailed analysis of expenses.
		Accounts which we prepare normally show each of the expenses as a percentage of sales.
	www.fowles.co.uk /ProfitAndLoss.htm (234 words)

	Business Gateway - Profit-and-loss-account (Site not responding. Last check: 2007-10-17)
		Your profit and loss account shows just how profitable (or not) your business has been in a financial year.
		You subtract the cost from your turnover to arrive at a gross profit (your revenue) from which all other costs to your business, such as salaries and rent are subtracted.
		Once you have deducted all your costs from your gross profit you are left with your net profit or net loss.
	www.bgateway.com /bg-home/pg-bg-finance-and-grants/bg-managing-your-finances/bg-profit-and-loss-account.htm (262 words)

	Reuters Annual Report
		Profit on partial disposal of a subsidiary undertaking
		Consolidated revenue and operating profit derive from continuing operations in all material respects.
		The profit for the year has been computed on an unmodified historical cost basis.
	www.about.reuters.com /ar1999/frandstat/finstat/pandla/cpala.htm (35 words)

	Exel plc Preliminary Announcement of 2000 Results Financials Exel plc Preliminary announcement of 2000 Results Group ... (Site not responding. Last check: 2007-10-17)
		Accounting for start-up costs, the Group has changed its accounting policy for contract start-up costs.
		In accordance with UITF 24, however, these costs are now accounted for on a basis consistent with the accounting treatment of similar costs incurred as part of the Group's on-going activities.
		The impact of this change in accounting policy has been as follows: (a) prepayments of 25.1m have been written off, tax provisions and creditors reduced by 7.8m, minority interests reduced by 8.0m, and reserves reduced by 9.3m at...
	smealsearch.psu.edu /51400.html (384 words)

	The Profit & Loss account 9
		With the need to provide comparable information in successive years in mind, it is necessary to adopt consistent ways to decide which transactions affect one year, and which the next: we must match the transactions to the years.
		This classification decision is controlled by conventional accounting rules similar to those applied in drawing up the balance sheet (in fact all the accounting rules now interact and affect the presentation of both statements).
		When drawing up the profit and loss account the amount of each expense related to the period must be included, whether or not this amount is the same as that recorded in the books.
	www.manufacturingit.net /Sections/management/Accounting/Part%203/ProfitLoss%209.htm (188 words)

	Video-Synopsis: The Basics Of Finance I: Are We Making A Profit?
		Mel introduces Jay to the profit and loss account which allows him to monitor what his liabilities are.
		The profit and loss account is broken down into two main components.
		Jay discovers how to calculate his gross profit, his net profit and his net profit after tax using the profit and loss account.
	www.burg-verlag.de /cases/texts/tvc48-1.html (470 words)

	DMGT :: Notes to the Profit and Loss Account
		Operating profit before amortisation and impairment of intangible assets and exceptional items within broadcasting comprised £2.2 million from television and a loss of £0.4 million from radio.
		Operating profit before amortisation and impairment of intangible assets and exceptional items within the business to business information and careers divisions comprised £50.3 million from business to business information and £5.2 million at careers, offset by unallocated central costs of £3.9 million.
		The Company’s profit after tax for the year was £93.8 million (2004 £27.1 million).
	www.dmgtreports.com /2005/financialsection/notestotheprofitandlossaccount (1292 words)

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