Which of the following is not true with regard to preparation of Profit & Loss Account?

A: Profit & Loss Account is prepared for a certain period and hence it is an interim statement

B: Profit & Loss Account does not disclose the effect of non-financial items

C: Net Profits are ascertained on the basis of current costs

D: Net Profits as disclosed by P&L Account is not absolute

Check Correct Option

Profit & Loss Account is prepared for a certain period and hence it is an interim statement

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Which of the following is not true with regard to preparation of Profit & Loss Account?

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Accounting MCQs