ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PROFIT & LOSS ACCOUNT Definition
PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.
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NET OF TAXES means the effect of applicable taxes (usually income taxes) has been considered in determining the overall effect of an item on the financial statements. The phrase is used when a company has items that must be disclosed in a separate section. Each such item should be reported net of the applicable taxes.
RESCIND is to revoke, cancel, or repeal a law, order, or agreement.