GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Profit and Loss Account is also called
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Income Statement
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Cash Flow Statement
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Funds Flow Statement
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None of the above
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Explanation:
Detailed explanation-1: -An income statement shows a company’s revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement. It shows your: revenue from selling products or services. expenses to generate the revenue and manage your business.
Detailed explanation-2: -Profit & loss a/c is popularly known as P&L A/c. It is also called as Profit and Loss Statement or income and expense statement. No matter whether how you call profit & loss statement, it reveals money spent or cost incurred in an organization’s effort to generate revenue, representing the cost of doing business.
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