Question

Which of the following financial statement is prepared to ascertain
gross profit of a business?
a) Profit and Loss Account b) Trading Account
c) Balance Sheet d) None of the above

Answer 1

Answer:

hii

for gross profit

answer is option B

trading ac

Answer 2

The statement prepared to ascertain the net profit is called Profit and Loss Account. ( Option a )

• A profit and Loss Account is a financial statement that reflects the outcome of business activities during an accounting period.
• Reported income and expenses related to an organization will get considered to measure the performance in terms of profit & loss.