The more proper name for one of the four main financial reports customarily prepared by accountants. It is usually the primary statement and is often referred to as the Profit and Loss Statement. It presents the total revenue generated and the associated costs/expenses and the net profit earned by the business during an accounting cycle.
All the lessons to date lead into this one long and arduous task with bookkeeping called ‘Closing the Books’. Closing of the accounting records is performed at the end of interim and fiscal year periods. […]