General

CFR · 2024-01-01 · US · Title 14

(a) The profit and loss accounts are designed to reflect, through natural groupings, the elements entering into the derivation of income or loss accruing to the proprietary interests during each accounting period. (b) The prescribed system of accounts provides for the co-ordinate grouping of all revenues and expenses in terms of both major natural objectives and functional activities and for subdivision of both to provide varying degrees of detail for air carriers of differing accounting capacities and/or requirements. (c) The detailed objective accounts established for each air carrier group, by the dual subdivision of profit and loss elements in terms of both natural objectives and functional activities, are set forth in section 7, Chart of Profit and Loss Accounts. (d) The prescribed system of accounts provides generally that profit and loss elements shall be grouped in accordance with their inherent characteristics within the following primary classifications: (1) (ii) Operating revenues shall be subclassified in terms of functional activities as provided in section 9. (2) (ii) Operating expenses shall be subclassified in terms of functional activities as provided in sections 10 and 11. (3) (4) (5) (6) (7)

official document · source cfr-2024 · id 14:Section 8