loss & profit ac

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
hi just started aat and already decided to take the exam i feel like if i take the exam i have nothing to lose if i do fail which i might at least i know what to expect. what i dont understand is profit and loss ac can someone explaine pls

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    loss & profit ac

    At its most basic level a P&L account is a record of all the sales (in their broadest sense) made and accrued during the year less all the expenses paid and accrued.<BR><BR>Hope this helps.<BR>Claudia<BR>

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