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TOPIC: Re:Is profit an 'Asset' or 'Liability'?
#1563
liben (User)
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Is profit an 'Asset' or 'Liability'? 15 Years, 3 Months ago  
Is profit an 'Asset' or 'Liability'?
 
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#1570
handsonerp (Admin)
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Re:Is profit an 'Asset' or 'Liability'? 15 Years, 3 Months ago  
Profit is neither Asset or Liability.
It is a difference of all revenue and expense activity in that period.
Revenue and Expense accounts are closed into Retained Earnings (Ownership) account every year.
A-L=O
 
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