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What is a profit and loss account

Answer Text:
What is a profit and loss account:
-This is a financial statement prepared to determine the net profit or net loss.
-to determine the net profit, all revenues of the period are added to the gross profit and the expenses for the period are subtracted.
-if the revenues and gross profit are more than the expenses, then there is a net profit.
-if the expenses are more than the revenues and gross profit, then the business has made a net loss and therefore.
Net profit=gross profit + additional revenues- Expenses.