_________ is prepared for a period.
Profit or loss account
Balance sheet
Both A & B
None of these
Profit or loss account is prepared for a period.
State whether the following statement are true or false. 1. Final Accounts are prepared on the basis of Trial Balance. 2. Trading Account is a part of Profit & Loss Account. 3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss. 4. Gross Profit or Gross Loss is transferred to Balance Sheet. 5. An amount of net profit is added to the capital. 6. All indirect expenses are debited to trading account. 7. Balance Sheet is a statement and not an account. 8. Capital account is a personal account. 9. Amount of prepaid expenses appears on assets side. 10. Bank Overdraft is a liability of business concern.
A Statement of Affairs is similar to the :
(a) Balance sheet (b) Trial balance (c) Trading Account (d) Profit & Loss Account