The profit and loss account (= ____, or just the P+L) summarizes business activity over a period of time. It begins with total sales (= ____) generated during a month, quarter or year. Subsequent lines then deduct (= ____) all of the costs related to producing that revenue. The ____ principal means that sales or purchases are ____ in the reporting period rather than when money is actually received or paid. Labour and cost of materials used to produce goods are called the ____. Selling and general expenses are costs related to sales - ____, rents, etc. Depreciation shows how machinery ____ and declines in ____ over time. Deducting these costs leaves us with ____ from which interest ____ is subtracted, and we arrive at ____.

Profit and loss account

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