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Difference between P&L Account & Balance Sheet

is prepared t...

Question

is prepared to ascertain the financial result of a business operation over a given period of time and shows the financial position of a business at a particular date.

A

Profit and loss account & Profit and loss account respectively

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B

Profit and loss account & balance sheet respectively

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C

Balance sheet & profit & loss account respectively

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D

None of the above

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Solution

The correct option is B
Profit and loss account & balance sheet respectively

Profit and loss account is prepared to ascertain the financial result of a business operation over a given period of time and balance sheet shows the financial position of a business at a particular date.

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Q. Objective type questions :-
Answer in one sentence only.

A statement showing financial position of the business on a particular date.

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_______ is a statement which shows the financial position of business on a specified date.

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