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Question

_______ 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.

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