Question

(i) Profit and Loss Account is also known as
statement.
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Answer 1

Answer:

Profit and Loss (P&L) Statement

A P&L statement, often referred to as the “income statement,” is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.

Explanation:

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Answer 2

Answer:

P&L report, an income statement, a statement of operation

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