profit-and-loss account A transfer account of all income and expense accounts, closed into the retained earnings of a corporation or the capital account of a partnership. [Cases: Corporations 311; Partnership 81. C.J.S. Corporations ¡ì¡ì 505¨C506; Partnership ¡ì¡ì 91, 336, 340.] How do bilingual lawyers in China usually translate the term profit-and-loss account?