The income statement, together with the balance sheet, is the main part of the financial statements. Annual financial statements in external accounting.
It lists the company's income and expenses for a specific period and shows the result as a difference. The profit and loss account can be prepared using two methods:
- the nature of expense method, 275 (2) HGB, or
- the cost of sales method, 275 para. 3 HGB.
The term profit and loss account appears in this blog
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