Profit and Loss account is based on: Options: A . &nbspCash Accounting B . &nbspAccrual Accounting C . &nbspGovernment accounting D . &nbspNone of the above

Profit and Loss account is based on:

Question

Profit and Loss account is based on:

Options:

A . Cash Accounting

B . Accrual Accounting

C . Government accounting

D . None of the above

Answer: Option B
:
B
Profit and Loss account is based on accrual accounting.

Was this answer helpful ?

Next Question

Question 1. _______ are one-time events that may affect revenues, expenses or cash flow but fall outside of the company’s rou....cash flow but fall outside of the company’s routine core business.

Question 2. Opening inventory + Net purchases = ....

Question 3. An asset is considered to be a current asset if:....

Question 4. Which of the following is an operating activity?....

Question 5. _______ are all the things a company does to bring its products and services to market on an ongoing basis.....

Question 6. Which of the following is an example of indirect expenditure?....

Question 7. Identify the correct sequence of accounting process:....

Question 8. Assuming no returns outwards or carriage inwards, the cost of goods sold will be equal to:....

Question 9. All indirect expenses related to business are charged to:....

Question 10. Which of the following is not included in the Trading account?....

Chapter 1 - GLOBAL STEEL SCENARIO & INDIAN STEEL INDUSTRY Part 1 : (13-04-2024) INDUSTRY AND COMPANY AWARENESS (ICA)

Direction Sense Test Part 1 Reasoning (Hindi)

Chapter 1 - RMHP / OHP / OB & BP Part 1 : (14-02-2024) GPOE

Cube & Cuboid Part 1 Reasoning (Hindi)

Data Interpretation (DI) Basic Concept Reasoning (Hindi)

Counting Figures Part 1 Counting Of Straight Lines Reasoning (Hindi)

Sail E0 free webinar Webinars

Real Numbers Part 7 Class 10 Maths

Real Numbers Part 1 Class 10 Maths

Polynomials Part 1 Class 10 Maths

Pie Chart - Test Paper 1 Data Interpretation Reasoning & DI

Tabulation - Test Paper 2 Data Interpretation Reasoning & DI

Test Paper 1 Direction Sense Test Reasoning & DI

ICA , RDIC,GFM Free Modal Test Paper - Non - Technical Branch Old Syllabus 2022 - SAIL Junior Officer E0

GFM Combined 1 Free Revision Test SAIL JO E-0