PROFIT & LOSS ACCOUNT Definition

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PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.

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EXPROPRIATION is the taking of property or rights by governmental authority such as eminent domain, possibly including an emergency situation, such as taking a persons truck or bulldozer to build a levee during a flood. In such a case just compensation eventually must be paid to the owner, who can make a claim against the taker.

OTHER LONG-TERM LIABILITIES are any other non-current liabilities, including subordinated debt, and liability reserves.

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