Often, citizens are faced with the concept of "loss." You should familiarize yourself with it in detail, since at any moment individuals and legal entities may encounter a situation in which they will suffer material damage.
Definition of a concept
Loss is damage that is caused to one citizen by the unlawful actions of another. Its concept and composition can be supplemented depending on the type of activity of the subject, so it should be carefully studied. It is important to note that real losses are damage incurred by a person as a result of damage to or destruction of property, as well as expenses aimed at its restoration. It is worth familiarizing yourself with the concept under consideration in detail, as well as finding out what to do in cases where a violation of rights is committed against a citizen, resulting in damage.
The concept of loss in economic activity
From the point of view of economic activity, loss is loss that is expressed in cash. They are also a decrease in material resources that occurs as a result of the fact that expenses exceed revenues. A business participant who violated obligations or established requirements must obligatorily compensate losses to the entity in respect of which a violation of rights or legal interests occurred. The legislation establishes the following components of losses:
- the value of property that has been damaged or lost;
- expenses incurred by a person due to default by another participant in the activity;
- loss of profit is also considered a loss if it occurred as a result of default by a party of economic relations;
- pecuniary damage for non- pecuniary damage.
For certain types of economic obligations, legislation may establish limited liability for improper fulfillment or non-fulfillment of obligations stipulated by the agreement. The claim for damages may be satisfied on a voluntary basis. However, if this did not happen, the business entity should contact the higher authorities to resolve the conflict in court.
The concept of loss in civil law
From the point of view of civil law, a loss is real damage that a citizen has received as a result of the actions of another person. It can also be considered as a lost profit.
If we consider the concept in general, a loss is expenses incurred by a person whose rights have been violated or it will have to incur them to restore these rights or damaged property. The law also determines that it may be the amount of unearned income, which, in the absence of a violation of rights, would belong to a citizen.
In this case, the person who committed the offense undertakes to indemnify. If he has additionally received a benefit, he undertakes to pay it in an equal amount. It is worth noting that the Civil Code is based on the general principle of the full compensation of losses caused to a citizen. He has the right to claim compensation for material damage in full, unless otherwise provided by contract or law. In this case, knowledge of the law is as useful as possible, as a person whose rights are violated will know what to do when such situations arise.
Profit and loss of organizations
Balance sheet profit and loss is the final financial result, which is determined for the reporting period. It is identified on the basis of business accounting and evaluation of balance sheet items. Profit and loss of the organization = this is the amount of cash received from the sale of products, fixed assets and other property of the enterprise, as well as expenses aimed at their sale.
The profit or loss identified in the reporting year is included in its balance sheet, even if they relate to earlier transactions. It is also worth noting that the balance sheet gain is the organization's income before deductions and deductions.
Having familiarized themselves with this topic, individuals and legal entities can be sure that their rights and interests are protected by law.