What are the features of profit and loss account?

The Features of Profit and Loss Account are as follows:

  • What the Profit and Loss Tells You Part I - COGS | A Bookkeeper's ...

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    Profit and loss account is a nominal account to be prepared at the end of the year. It includes transactions of revenue nature and does not contain items of capital nature.

  • Incomes and Expenses relating to current year are to be shown in it.
  • It includes outstanding expenses and accrued incomes relating to current year which are taken into consideration while prepaid expenses and incomes received in advance are excluded from it.
  • It includes all expenses paid during the previous year but related to current year and all incomes received during the previous year but related to current year.

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