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Profit & loss account

"Money can"t buy happiness but it can make you awfully comfortable while you"re miserable"- Clare Boothe Luce (1903 - 1987), American author and politicianAlso known as the income statement, the profit & loss account shows a firm’s net profit (or loss) after all production costs have been subtracted from the organization’s revenues, each year. The prescribed IB format for the profit and loss account is shown below:

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