Which of the following is not true with regard to preparation of Profit & Loss Account?
A) Profit & Loss Account is prepared for a certain period and hence it is an interim statement
B) Profit & Loss Account does not disclose the effect of non-financial items
C) Net Profits are ascertained on the basis of current costs
D) Net Profits as disclosed by P&L Account is not absolute
Correct Answer:
Verified
Q1: Prepaid expenses are valued on the Balance
Q2: Which of the following relationships is/are false?
A)Net
Q3: Gross Profit is equal to
A)Sales - Cost
Q4: Which of the following shall not be
Q5: Which of the following equations is correct?
A)Gross
Q7: The Profit and Loss Account shows the
A)Financial
Q8: Which of the following statements is true?
A)Provision
Q9: Cash Profit is
A)Net profit - Non-trading Profit
Q10: Which of the following will not appear
Q11: Which of the following is not a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents