Question

Distinguish between the following:
a) Cost of Goods Sold and cost of Goods Produced

b) Profit and Loss Account and balance Sheet​

Answer 1

Answer:

A) Cost of goods manufactured are the production costs incurred on finished goods produced in a specific accounting period. Cost of goods sold are the production costs incurred on goods actually sold in a specific accounting period.

B) The profit and loss (P&L) account summarises a business' trading transactions - income, sales and expenditure - and the resulting profit or loss for a given period. The balance sheet, by comparison, provides a financial snapshot at a given moment.

Explanation:

Thank you

Hope it helps you

Mark me as the brainiest