trading account
Definition
That part of an income statement which shows how thegross (operating) profit was generated through the firm'strading activities.
That part of an income statement which shows how thegross (operating) profit was generated through the firm'strading activities.
US term for the account showing the inflow of money fromsale of goods or services and the costs and expenseschargeable against it, over an accounting period. Theequivalent UK term is profit and loss account.
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