Question

Profit and loss is calculated at the stage of -------.
1) Posting2) Recording3) Summarize 4) Classifying

Answer 1

Answer:

Profit and loss is calculated at the stage of classifying.

Answer 2

Profit and loss is calculated at the stage of Classifying.

Explanation:

• Calculating Profit is a common way of 'calculating the total expenses' and total Profit earned by any business during a particular time.

• The detailed Report on Profit and loss help in making future decisions on how to cut down the Expenses and Increase Profit of the Business.

• It all involves collection of data, summarising it and finally it is calculated at the stage known as Classifying.

Learn more about Classifying

Which principle has important bearing on the capital-revenue classifications?

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Defined as "the art of recording, classifying, summarising, analysing and interpreting the business transactions systematically and communicating business results to interested users is accounting" by

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