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Examveda

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.

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Comments ( 2 )

  1. Pranali Pawar
    Pranali Pawar :
    10 months ago

    Profit and loss is an Account, not a statement.

  2. Manoranjan Adhikari
    Manoranjan Adhikari :
    2 years ago

    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.

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