P & L a/c is prepared for a period of one year by following:

Related MCQs

• The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
• The debts which are to be repaid within a short period (a year or less) are referred to as,
• The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
• A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.
• Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.
• The following is not a type of liability
• Which of the following is not a nominal Account?
• Which of the following is a Real A/c?
• Which of the following is not an internal user of management information?