Accounting Mcqs

Q.  The Profit and Loss Account shows the:

a. Financial results of the concern for a period
b. Financial position of the concern on a particular date
c. Financial results of the concern on a particular date
d. Cost of goods sold during the period


ANSWER: See Answer
 
A profit and Loss Account is prepared for the period ending which shows the financial or
operating results of the concern for a period.
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