The Profit & Loss statement can be displayed in _______

इंडियन गवर्नमेंट एग्जाम प्रेप

The Profit & Loss statement can be displayed in ________ format(s).

A Horizontal

B Vertical

C A or B

D None of the above

Correct Answer: C

Solution & Explanation

The Profit & Loss A/c is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded here. The Profit & Loss A/c is in horizontal form, by default. It can be view in vertical format by enabling the option Show Vertical Profit & Loss? by clicking F12: Configure

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