Relevant Competitive Tests:
Which of the following is not true with regard to preparation of Profit & Loss Account?
A. Profit & Loss Account is prepared for a certain period and hence it is an interim statementCorrect Answer
B. Profit & Loss Account does not disclose the effect of non-financial items
C. Net Profits are ascertained on the basis of current costs
D. Net Profits as disclosed by P&L Account is not absolute
Correct Option: A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
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