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| profit and loss account (A revenue or expense account whose balance will be transferred to a retained earnings account at the end of a fiscal year. Balances in profit and loss accounts determine the net income or net loss for the year) | |||
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| profit and loss account (A revenue or expense account whose balance will be transferred to a retained earnings account at the end of a fiscal year. Balances in profit and loss accounts determine the net income or net loss for the year) | |||