loss accounting
81profit and loss account — P & L account 1) An account in the books of an organization showing the profits (or losses) made on its business activities with the deduction of the appropriate expenses. 2) A statement of the profit (or loss) of an organization over a financial …
82acquisition accounting — A method of accounting whereby the buyer includes the acquired identifiable assets and liabilities in its balance sheet at their fair value at the date of acquisition; profits (or losses) generated by the acquired business are profit and loss… …
83profit and loss statement — statement of revenue and expenses showing the profit or loss for a certain period of time. Glossary of Business Terms * * * profit and loss statement UK US noun [C] US ► ACCOUNTING, FINANCE PROFIT AND LOSS ACCOUNT(Cf. ↑profit and loss account) …
84terminal-loss relief — Relief for a loss made by a company, partnership, or sole trader during the last 12 months of trading. The business or profession must be permanently discontinued. For partnerships and sole traders, the loss of the last 12 months can be set… …
85net loss — n. The situation arising when expenses are greater than income; negative income. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. net loss …
86Profit and loss accounts — Profit and loss accounts are the ledger accounts to which the balances of the revenue, income, expense and loss accounts at the end of an accounting period are transferred, to show the net difference as the net income or net loss for the period …
87terminal-loss relief — Relief for a loss made by a company, partnership, or sole trader during the last 12 months of trading. The business or profession must be permanently discontinued. The trading loss arising in the accounting period in which the trade ceases may be …
88prof´it-and-loss´ — profit and loss, an accounting record to show net profit or loss. –prof´it and loss´, adjective …
89Comprehensive income (accounting) — Also see comprehensive income. Comprehensive income is defined by the U.S. Financial Accounting Standards Board, or FASB,[1] as “the change in equity [net assets] of a business enterprise during a period from transactions and other events and… …
90equity method of accounting — A method of accounting where the investor s proportionate share of net profit and net assets are included respectively as single lines in the consolidated profit and loss account and balance sheet of the investing group. Practical Law Dictionary …
