From Longman Dictionary of Contemporary Englishprofit and loss accountˌprofit and ˈloss acˌcount noun [countable] British English BBCa financial statement showing a company’s income, spending, and profit over a particular period
Examples from the Corpus
profit and loss account• Draw up a balance sheet and profit and loss account for Stern.• The minority interest charge in the consolidated profit and loss account was £184,000.• How do debtors affect the profit and loss account?• The only difficult figure in the balance sheet, apart from the profit and loss account balance, is the minority interest.• Any loss arising should be charged in the profit and loss account.• Are losses being taken and shown on the profit and loss account or balance sheet?• Other exchange gains and losses are taken to the profit and loss account.From Longman Business Dictionaryprofit and loss accountˌprofit and ˈloss acˌcount abbreviation P&L [countable] British English ACCOUNTINGFINANCE a FINANCIAL STATEMENT showing the financial results of a company’s normal activities for a particular period of time, usually the financial yearSYNincome statement AmEThe company will charge redundancy costs of about £3 million to the profit and loss account. → account 