Question

1
6. Surplus in statement of profit and
loss is known as *
a. Share capital
o
b. Reserves and surplus
O
c. Current liabilities
O d. Other current liabilities​

Answer 1

Answer:

Surplus or deficit is a term used by nonprofits. It's also called profit and loss statement or an income statement in for-profit plans. ... Gross surplus is funding less cost of funding, and surplus (or deficit) is gross surplus less operating expenses and taxes.

Explanation:

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