MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Analysing Comparative Statement of Profit and Loss

A financial s...

Question

A financial statement that summarizes company revenue and expenses is _________.

A

Balance sheet

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Statement of owner's equity

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Statement of Profit and Loss

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

Statement of Cash Book

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C
Statement of Profit and Loss

A financial statement that summarizes company revenue and expenses is Statement of Profit and Loss.

Suggest Corrections

thumbs-up

0

Similar questions

The balance sheet summarizes the financial position of a company for one _________

Q. The correct sequence in preparation of periodical financial statement would be :

1.

Preparation of balance sheet

2.

Preparation of cash flow statement

3.

Preparation of trial balance

4.

Preparation of Profit and Loss A/c
Select the correct answer from the option given below.

Q. General Instructions for preparation of balance sheet and statement of profit and loss of a company are provided in _________ of the Companies Act, 2013.

Q. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reasons (R).

Assertion (A) - The income statement and the balance sheet are financial statements that show the cash flows in and out of the business unit.

Reason (R) - The general purpose of financial statements is to show the financial position and performance of a business unit.

In the context of the above two statements, which of the following is correct?

[0.88 marks]

Q. A company has an opening credit balance in Surplus, i.e., Balance in Statement of Profit and Loss of ₹ 1,00,000. During the year, it earned a profit of ₹ 75,000. It decided to transfer ₹ 15,000 to Debentures Redemption Reserve (DRR) and also proposed to pay dividend of ₹ 25,000.

How will be the appropriations shown in the financial statements?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Comparative Financial Statement

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Analysing Comparative Statement of Profit and Loss

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon