The Profit & Loss statement can be displayed in ________ format(s).
A) Horizontal
B) Vertical
C) A or B
D) None of the above
Answer : C
Description :
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
Related Questions - 1
Which key is used to post entry in Debit Note in tally
A) F7
B) F8
C) Ctrl + F9
D) Ctrl + F8
Related Questions - 2
Which of the following equation is true for balance sheet
A) Assets = Liabilities + Capital
B) Liabilities = Assets + Capital
C) Capital = Assets + Liabilities
D) All of these
Related Questions - 3
What is the advantage of a computer-based transaction processing system
A) Does not require as stringent a set of internal controls
B) Will produce a more accurate set of financial statements
C) Eliminates the need to reconcile control accounts and subsidiary ledgers
D) Will be more efficient at producing financial statements
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Which of the following is the example of external users of accounting information
A) Government
B) Owners
C) Management
D) Employee
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Which option is used in Tally to make changes in created company
A) Select Company
B) Shut Company
C) Alter
D) None of these