How profit and loss accounts work (MANAGEMENT 12)

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4 Terms

1
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In the P and L costs are counted when….

incurred not paid

2
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What are some things that could be commonly confused for costs but are not

Payments for assets and loans

3
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Explain profit distribution, where do interests and tax go

  1. Interest to lenders

  2. Tax to government

4
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Where do dividends go

to shareholders