Question

Explain advantages of Profit and Loss Account

Answer 1

Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period. So, it is very useful to know the financial condition of the firm. Profit and loss account gives the actual information about indirect expenses.

Answer 2

Answer:

Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period. So, it is very useful to know the financial condition of the firm. Profit and loss account gives the actual information about indirect expenses.