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Profit and Loss Account The profit and loss account is a financial statement which represents the revenue that the business has received over a given period of time, and the corresponding expenses which have been paid. It also shows the profit that the business has made over a period of time (usually 12 months) and the uses to which the profits have been put. Revenue Revenue is the inflow of money to the business in the course of the ordinary activities of the enterprise. There are a number of different sources of revenue; - cash sales - credit sales (i.e. where the business has sold goods to customers, but has not yet received the cash) - interest - royalties - dividends that the business receives on its investments or - fees for hiring-out the resources of the business to a third party. Revenue is recognised at either the receipt of the cash OR at...

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