Question

    The profit on sale of old furniture should be credited to:

    A Trading Account Correct Answer Incorrect Answer
    B Profit and Loss Account Correct Answer Incorrect Answer
    C Manufacturing Account Correct Answer Incorrect Answer
    D All of the above Correct Answer Incorrect Answer

    Solution

    A profit and loss account (also known as an income statement or statement of operations) is a financial statement that summarizes a company's revenues, expenses, gains, and losses over a specified period of time, typically a month, quarter, or year.

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