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प्रश्न
What is the purpose of a Profit and Loss Account?
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उत्तर
The Profit and Loss Account is essential for the following reasons:
- Understanding net profit or loss.
- Comparing it to previous year's profits.
- Control your expenses.
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संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received
State True or False with reasons :
Income due but not received is a liability.
Fill in the blank :
All indirect / operating expenses are transferred to ________ account.
Name any two direct expenses and indirect expenses.
Give a word, term or phrase that can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.
Explain the needs of Profit and Loss Account.
What is the effect of depreciation on furniture and machinery in the Profit and Loss Account?
