Oct 10, 2014 · Income statement (also referred to as (a) statement of income and expense or (b) statement of profit or loss or (c) profit and loss account) is a financial statement that summaries the results of a company’s operations for a period. PROFIT AND LOSS AND BALANCE SHEETS 6.3 P 215 This works for retail businesses. But for manufacturing, you need to think about ’cost of production’, and that means taking off completed products (ready to be sold) and incomplete (work in progress).

Dec 14, 2018 · This method posts the revenue and direct costs to the profit and loss statement at the termination of the project. In the interim, costs are posted to the balance sheet as Work in Process and cash received for draws in the liability section of the balance sheet as Project Draws. Following are uses of profit and loss account : 1. # Profit and loss account is the base of analyzing the performance of company. 2. # We can find net profit or net loss from profit and loss account. This will be useful for taking the decision of payment of dividend. 3. The Balance Sheet & the Profit and Loss Account The following report is a result of the ITE-VET project which is part of the Erasmus+ Programme of the European Union. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any