Business GCSE
Profit and Loss Account
What Profit and Loss Account means in Business GCSE, as defined for OCR.
Definition of Profit and Loss Account
A financial document showing a business's revenue, costs, and resulting profit or loss over a past period.
Topics that use Profit and Loss Account
- The interdependent nature of business (OCR GCSE)
Related terms
Using Profit and Loss Account in the exam
Definition questions usually carry one or two marks, and examiners look for the precise wording. Write the definition from memory, check it against the version above, and then use the term in a longer answer on the same topic so it sticks.
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