Real-Life Applications of Profit and Loss
Profit and Loss is not only used only for accounting but also everyday personal usage. You can track profit and loss in your personal finance, business decisions, negotiations, discounts and investment. Profit and Loss is widely used in finance as it easily provide the idea of gain or loss in any business or personal capital.
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Real-Life Applications of Profit and Loss
Profit and loss (P&L) refers to the financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year. It is an important concept for business and accounting, but it is not only used in professional settings but also used in everyday life.
It is calculated to know the difference between the selling price and cost price thus giving us the idea of gain and loss in business or any other aspects of our life. In this article, you will learn the various applications of Profit and Loss.
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