Answer the following in one sentence-What do you mean by Profit and Loss Account-

Question

Toppr Admin · Accepted Answer

A part of the final accounts which is prepared on the basis of indirect expenses and indirect incomes of the business concern to ascertain net result of the business done in the accounting year is called Profit and Loss Account-

Answer the following in one sentence:
What do you mean by Profit and Loss Account?

A part of the final accounts which is prepared on the basis of indirect expenses and indirect incomes of the business concern to ascertain net result of the business done in the accounting year is called Profit and Loss Account.

Answer the following in one sentence:What do you mean by Profit and Loss Account?

A part of the final accounts which is prepared on the basis of indirect expenses and indirect incomes of the business concern to ascertain net result of the business done in the accounting year is called Profit and Loss Account.

Answer the following in one sentence:
What do you mean by Profit and Loss Account?