Although the profit and loss account is a record of past achievement, the calculations required for certain

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‘Although the profit and loss account is a record of past achievement, the calculations required for certain expenses involve estimates of the future.’

What is meant by this statement? Can you think of examples where estimates of the future are used?

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Accounting And Finance For Non Specialists

ISBN: 9780135717462

2nd Edition

Authors: Eddie McLaney, Peter Atrill

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Question Posted: May 21, 2024 05:00 AM

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Although the profit and loss account is a record of past achievement, the calculations required for certain

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Accounting And Finance For Non Specialists

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