Question

premium for police treated as business Expenses is shown in
a) profit & Loss A/c
b) Balance sheet
c) both
d) none of these
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Answer 1

Answer:

A)

Explanation:

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement.