Question

Statement of profit is just like Profit and LossAccount. (State True or False)

Answer 1

False
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Answer 2

Answer:

False

Explanation:

Statement of profit is just like Profit and Loss Account. - False

P&L is short for declaration of gain and loss. A declaration of company profit and loss demonstrates how much cash your company has gained and lost over a period of time. There is no distinction between declaration of revenue and declaration of profit and loss. The income statement is also known as the statement of an income or the transaction statement.