The Profit & Loss statement can be displayed in ________ format(s).

A. Horizontal

B. Vertical

C. A or B

D. None of the above

Answer: Option C

Solution(By Examveda Team)

The Profit & Loss A/c is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded here. The Profit & Loss A/c is in horizontal form, by default. It can be view in vertical format by enabling the option Show Vertical Profit & Loss? by clicking F12: Configure