The following is a statement of revenues and expenses for a specific period of time
A. Trading account
B. Trial Balance
C. Profit & Loss statements
D. Balance Sheet
Answer: Option C
Solution(By Examveda Team)
Profit & Loss statements is a statement of revenues and expenses for a specific period of time, usually a fiscal quarter or year.Join The Discussion
Comments ( 2 )
Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
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The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
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Patents, Copyrights and Trademarks are
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Profit and loss is an Account, not a statement.
can I know why the answer is c only however trading account also record direct incomes and direct expenses
or the reason behind C is that this is pl statement not pl account and pl statement is the combined form of both pl account and trading account.