_______ is the part of income statement, which is prepared to ascertain the profit/ loss for a given accounting period.
A
Manufacturing A/c
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B
Profit and Loss A/c
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C
Balance Sheet
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D
All of the above
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Solution
The correct option is A Profit and Loss A/c Final Account is the
final process of accounting. Final accounts
include the preparation of Trading account, Profit and Loss account and Balance
Sheet. The main purpose of this account is to show the profit or loss earned by the firm during the accounting period. It shows the profitability of the business.