Profit and loss accounting in business serves various purposes including forecasting future profits, aiding in planning, and evaluating financial health for investors or lenders.
Profit and loss accounting in a business serves multiple purposes, such as forecasting future profits, aiding in planning, and allowing comparison with previous performance. However, earning profits is not the sole purpose; it also helps investors or lenders evaluate the business's financial health before making deals.
https://brainly.com/question/34892563