Question

The results of business activities are
reflected in
a) profit and loss account
b) profit and loss appropriation
account
c) balance sheet
d) none of these​

Answer 1

Answer:

b. is correct answergxv

Answer 2

The correct answer is OPTION A: profit and loss account.

• A profit and loss statement, often known as an income statement, summarises revenue, expenditures, and expenses for a given period, usually a fiscal year or quarter.
• These numbers represent a company's ability or lack thereof to increase income, reduce expenses, or accomplish both to turn a profit.
• The profit and loss statement is also known as the "statement of operations," "statement of financial performance," and "income and expense statement."