profit and loss

[prof-it uhn laws, los]

noun

Business.

1. the gain and loss arising from commercial or other transactions, applied especially to an account or statement of account in bookkeeping showing gains and losses in business.

profit and loss

noun

1. accounting an account compiled at the end of a financial year showing that year's revenue and expense items and indicating gross and net profit or loss

Word History and Origins

Origin of profit and loss¹

First recorded in 1580–90