Question : ____________ shows the financial performance, i.e., the result of business operations during an accounting period and is also known as an Income Statement.
Option 1: Profit and loss account
Option 2: Balance sheet
Option 3: Manufacturing account
Option 4: None of the above
Answer (1)
22nd Jan, 2024
Correct Answer: Profit and loss account
Solution : Answer = Profit and loss account
The Profit and Loss Account, also known as the Income Statement, summarizes a company's financial performance over a specific period by detailing revenues, expenses, gains, and losses. It provides insights into the profitability of the business operations during that accounting period.
Hence, the correct option is 1.
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