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

A. Periodicity concept

B. Business entity concept

C. Accrual concept

D. None of the above

Answer: Option A

Solution(By Examveda Team)

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.

This Question Belongs to Commerce >> Accounting

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