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Question : Which of the following are not the Characteristics of Statement of Profit and Loss (Profit and Loss Account)?

Option 1: It shows the financial performance of a company, i.e., revenues, expenses and Profit or loss for the period.

 

Option 2: It is prepared for a past period and thus, is a historical document.

Option 3: It is for a specific accounting period.

Option 4: None of the above


Team Careers360 9th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: None of the above


Solution : Answer = None of the above

All of the statements listed are characteristics of the Statement of Profit and Loss. It indeed depicts a company's financial performance, covers a specific accounting period, and presents historical data. Therefore, none of the statements are incorrect, and the answer is: "None of the above."
Hence, the correct option is 4.

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