profit-loss account 30

May 13th, 2015
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profit and loss statement describe Profit forecasting

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Profit forecastingProfit forecasting means projection of future earnings after considering all the factors affecting the size of business profits, such asfirms pricingpolicies,costing policies,depreciation policy, and so on. A thorough study including a proper estimation of both economic as well as non-economic variables may be necessary for a firm to project its sales volume, costs and subsequently the profits in future.According to Joel Dean, a famouseconomist, there are threeapproaches to profit forecasting, which are as follows:1. Spot Projection:Spot projection includes projecting the profit and loss statement of a business firm for a specified future period. Projecting of profit land loss statement means forecasting each important element separately. Forecasts are made about sales volume, prices and costs of producing the expected sales. The prediction of

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