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Profit and Loss Definition

Profit and loss
– n : often referred to by its acronym, P&L; a) shorthand for a profit and loss statement, an alternative name for an income statement; b) informal name for a business unit or strategic business unit, a stand-alone business within a larger company that is managed and accounted for separately (see business unit)
– adj : referring to a profit and loss statement

Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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