That's how I learned it at Ernst & Ernst when I worked there. (I
attended the firm's basic accounting course for non-accountants.) I
believe our textbook called the special account Income Summary rather
than Profit and loss, but that's a minor detail.

A very minor detail, especially because what this report traditionally depends on the type of entity for which the books are kept. That is perhaps WHY your basic "accounting for non-accountants" used a more generic name. It was only "for profit" businesses that called this report "Profit and Loss". These days a non-profit might call it "Statement of Revenues and Expenses" (or "Revenue Statement". For personal books (non-business) something like "Income and Expenses". Not that the original name in gnucash was :Income Statement" which is quite close to the name used in your course.

Michael D Novack

PS -- there are other reports in gnucash where the name chosen can be a source of confusion.


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