The profit and loss account, together with the balance sheet, is the most important part of the annual financial statement in external accounting. It lists the income and expenses of the company for a certain period and shows the profit as a difference. The profit and loss account can be processed in two ways:
- 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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