Profit and loss appropriation accounts are necessary for businesses, especially partnerships, because they help account for the expenditures and income that are included in profit and loss statements.

A basic understanding and ability to analyze a company's profit and loss statement, also known as an income statement, is an essential skill for any investor. The profit and loss statement is an ...

A corporation that is a small business must prepare a profit and loss statement each year. The IRS requires this statement to assess taxes, and the owners need it to determine whether the company is ...