The Profit and Loss Account shows the:

Related Mcqs:

Bookkeeping mainly concerns with which part of accounting process?

A. Analyzing B. Preparing financial statements C. Recording financial information D. Auditing the books of accounts...

Which of following best describes the increase in equity expands___________?

A. Business operations B. cash outflows C. Inflows of cash D. Appropriation expenses...

Which of the following is true regarding closing entries?

A. They must be followed by reversing entries B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account C. They must be made after the reversing entries but before the adjusting entries D. They must be made after the adjusting entries but before the reversing entries...

Depreciation appearing in the Trial Balance should be?

A. Debited to P&L A/c B. Shown as liability in Balance Sheet C. Reduced from related asset in Balance Sheet D. Both A. and C. above...

Which of the following are current assets of a business?

i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income A. Both (i) and (iv) above B. Both (ii) and (iii) above C. (i),(ii) and (iii) above D. (ii),(iii),(iv) and (v) above...