The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

Name: The Profit and Loss statement shows the debit and credit balances of each account during a period of time.
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Question

Quizplus · Accepted Answer

The Profit and Loss statement, also known as the Income Statement, shows the revenues, expenses, and net income or loss of a company during a specific period of time, not the debit and credit balances of each account.

The Profit and Loss Statement Shows the Debit and Credit