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Profit & Loss account is prepared for a period of one...

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Accounting
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Profit & Loss account is prepared for a period of one year by following

Answer & Solution
Correct Answer: Option A
Profit & Loss account is prepared for a period of one year by following Periodicity concept. It is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.
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