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    Arun N's Avatar
    Arun N Posts: 1, Reputation: 1
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    #1

    Nov 20, 2013, 02:45 AM
    What type of account the Profit and Loss account is?
    What type the Profit and Loss account is? I mean is P&L account a real account or nominal account. Thank You.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 23, 2013, 05:18 PM
    Profit and Loss statement is known as an Income Statement. The Income Statement accounts are nominal accounts, which means a temporary account because Income Statement accounts, which are Revenues and Expenses are closed out at the end of an accounting period.

    Balance Sheet accounts are known as real accounts because they are not closed at the end of an accounting cycle.
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