Question :

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


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