Final accounts: The profit & loss account (AO2, AO4)"Money can"t buy happiness but it can make you awfully comfortable while you"re miserable"- Clare Boothe Luce (1903 - 1987), American author and politicianThe profit and loss account shows a firm’s profit (or loss) after all production costs have been subtracted from the organization’s revenues, each year. It is also known as the statement of profit or loss or income...