Akademik

an account compiled at the end of an accounting period to show gross and net profit or loss (Freq. 1)

1. : a summary account used at the end of an accounting period to collect the balances of the nominal accounts that the net profit or loss may be shown

2. : a nominal account or statement of profit and loss

the gain and loss arising from commercial or other transactions, applied esp. to an account or statement of account in bookkeeping showing gains and losses in business.

[1580-90]

profit and loss,

an accounting record to show net profit or loss.

–prof´it-and-loss´, adjective.