Q. Which of the following is not true with regard to preparation of Profit & Loss Account? (Solved)
1. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
2. Profit & Loss Account does not disclose the effect of non-financial items
3. Net Profits are ascertained on the basis of current costs
4. Net Profits as disclosed by P&L Account is not absolute
- a. Profit & Loss Account is prepared for a certain period and hence it is an interim statement