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When someone asks you how large was your P & L responsib

Customer Question
ility, what is the answer...
When someone asks you how large was your P & L responsib ility, what is the answer? Is it your sales? Or your expenses? Or your net profit? If someone wants to know how large the P & L I am responsible for, what is the correct answer?

Also, how is a P&L calculated for a business that does not have a fixed profit for a sale. Such as a bank, where a loan may be worth X if it is paid on time through maturity, but only Y if it is paid off, or defaults?
Submitted: 8 years ago.Category: Finance
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6/28/2009
Financial Professional: Haider, Tutor replied 8 years ago
Haider
Haider, Tutor
Category: Finance
Satisfied Customers: 355
Experience: Doing CAT
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By what time you require the answer ??
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Customer reply replied 8 years ago
I'd like an answer tonight if possible, but definitely by 9am EST. Thanks!
Financial Professional: Haider, Tutor replied 8 years ago
<p>i will try my level best to provide you with the answer</p><p> </p><p>thanks</p><p>Regardss</p>
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Customer reply replied 8 years ago
thanks
Financial Professional: Haider, Tutor replied 8 years ago

Part 1

Net profit is a target to be achieved by the firm it is not enough to generate only sales or to control only expenses if a company cannot earn net profit. If sales are less then expenses it means that company has made a loss. And if company has cut the expenses to control them but if it has resulted in decreasing of sales then there is no benefit of cutting the expenses.

As there are two areas sales and expenses which results in profit therefore you are responsible for the area which comes under your authority. For example if I am a marketing manager I am responsible for sales or if I am a production manager am responsible for costs of production.

 

Part 2

It is not correct that a banks profit Is not fixed it may be calculated for a particular period regardless of different loans and different interest rates because you know that what amount is going to be received in a particular period therefore we know what would be the profit in a particular period . Like other business in which the provision for doubtful debts against accounts receivable Is to be kept, the same thing applies to banking industry where you have to keep provision for Bad Loans .

 

If you have any further query feel free to ask .

if you like the answer accept it and leave a positive feed back and in future for you accounting problems address them directly to me by adding "For Haider" before the question .

Thanks

regardss

 

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Customer reply replied 8 years ago

Sorry, but Part 1 does not answer my question.

 

If someone is responsible for an entire business, what is the answer? If I own the profit and loss (revenue and expense) how do I answer the question of how large is my P & L?

Financial Professional: Haider, Tutor replied 8 years ago

If you are a sole owner of the business then all the profits earned by the business are yours and if any losses are made then its your sole responisibilty to pay them even from your personal assets .For example you have an investment of 500,000 and have made a loss of 2,000,000 you are responsible to pay them even from your personal assets.

 

if you are satisified now so accept the answer so i can get paid for my efforts ..

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Customer reply replied 8 years ago

I'm sorry but you are not answering my question. It is a VERY common question asked by companies that are hiring an executive.

 

How large was the P & L you were managing at your last job?

 

I do not need a P&L explained to me. ANd I dont need examples with arbitrary numbers that dont actually answer the question.

 

When a company asks you how large was the P&L you were managing, what number are they referring to?

 

Is it Revenue? Expenses? Net Profit? Some combination?

 

Please assign this to another "expert" as it is clear you do not know the answer. You are obviously inteligent, but my question is a simple one for anyone who has worked in finance for a bank or major corporation.

 

 

Financial Professional: Milan Vaishnav, Financial Advisor replied 8 years ago
Milan Vaishnav
Milan Vaishnav, Financial Advisor
Category: Finance
Satisfied Customers: 972
Experience: Technical Analyst in Financial Markets -- Experience of more than 10 years in consulting
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Dear Friend,

The question is really simple. When someone asks how "large" your P&L account is; is usually referring the size of the Corporation you are working for.

The P&L account has many heads, i.e. income, expenses, depreciation (that depicts assets), insurance, Net Profits, etc. I mean so many things that indirectly "shows off" the size of the corporation you are working for.

This question is meant to ask that how large a coporation that you have worked with and how much size / quantum of the work handled.

In a way,as you said in your question, that it refers to the size of revenue, sales, net profits and combination of all these.

I hope the above helps...
Regards,
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Milan Vaishnav
Milan Vaishnav
Milan Vaishnav, Financial Advisor
Category: Finance
Satisfied Customers: 972
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