A. Credited to the profit & loss account B. Debited to the profit & loss account C. Shown on the liabilities side of the balance sheet D. Shown on the assets side of the balance sheet
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
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
A. Net profit = gross profit – administration and other expenses B. Net profit = gross profit + administration expenses and other expenses C. Opening stock + purchases – closing stock = cost of sales D. Both b. and c. above
