Accounting for IGCSE & O level - Final Statements (Section 5 - No. 39)
What is the main purpose of a profit and loss account?
To calculate the gross profit.
To calculate profit for the year.
To calculate the value of the business.
To determine the company's debts.
Shpjegimi
The profit and loss account is used to calculate profit for the year, considering both revenue and expenses.