The Income statement of limited company is known as __________________.

Manufacturing account

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Trading and profit and loss account

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Profit and loss account

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Profit and loss appropriation account

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Solution

The correct option is B Profit and loss account
The income statement of a limited company is known as Profit and loss account. A profit and loss account and Income statement are the same, but in a limited company the Income statement is made as per schedule III of companies act 2013. Whereas Profit and loss account is a simple T format account to ascertain profit and loss.

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Similar questions

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

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