What Are Some Personal Profit & Loss Expenses?

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Understanding personal profit and loss expenses might be easier with a few key examples. Find out about some personal profit and loss expenses examples with help from an accounting professional in this free video clip.

Part of the Video Series: Accounting & Finance
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Video Transcript

Hi, I'm Lori Greer from Atlanta, Georgia, and I'm here to share what would be some personal profit and loss expenses. As you probably already know a P and L statement or also known as a statement of profit and loss, and income statement, or an income and expense statement, is a financial statement that summarizes the revenues, costs, and expenses incurred doing a specific period of time. Usually a fiscal quarter or year. These records provide information that shows the ability of the company to generate profit by increasing revenue and reducing costs. As far as personal profit and loss, personal categories are not included in profit and loss statements. The profit and loss statement is not a personal financial report because it selects only tax categories assign to the schedule C for business tax purposes. The profit and loss statement shows your income, expenses, and net profit or loss. It summarizes the revenue and expenses of your business by category. First income, then expenses. Again, I'm Lori Greer from Atlanta, Georgia. And that is what are some personal profit and loss expenses.

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