Answered: 58. Profit & Loss account is prepared…

58. Profit & Loss account is prepared for a period of one year by following A.Periodicity concept B.Business entity concept c.Accrual concept D.None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

58. Profit & Loss account is prepared for a period of one year by following

A.Periodicity concept

B.Business entity concept

c.Accrual concept

D.None of the above

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