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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ALLOWANCE, within Sales, is a concession granted to customers for unsatisfactory goods or services. Reduces sales because a portion of the sale has not been earned.

PUBLIC OWNERSHIP is either: a. Government ownership and operation of a productive facility for the purposes of providing some goods or services to citizens; or, b. in investments, portion of a corporations stock that is publicly traded and owned in the open market.

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